There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Atlassian (NASDAQ:TEAM) and Limelight Networks (NASDAQ:LLNW) with bullish sentiments.
Atlassian (TEAM)
Oppenheimer analyst Ittai Kidron maintained a Buy rating on Atlassian today and set a price target of $95. The company’s shares closed yesterday at $81.89.
Kidron noted:
“Atlassian delivered another solid quarter with upside and better-than-expected guidance. The steady expansion reflects broad-based core product demand (Jira, Confluence, Trello, etc.), recent expansion in IT (Jira Ops, OpsGenie, etc.), steady execution, and continued new customer expansion. Encouragingly, management highlighted a positive initial customer response to Jira Ops and OpsGenie. While still very early in adoption, we see a lot of natural IT leverage for Atlassian as customers look to streamline their DevOps tool-sets. New non-IT opportunities also exist, highlighted by strong Trello user expansion. We remain bullish and buyers seeing a long runway across key use cases (DevOps, ITOps, and non-IT areas) with multiple growth drivers in each area (new customers, deeper penetration, new products, pricing). Tweaking estimates and reiterate $95 PT.”
According to TipRanks.com, Kidron is a top 100 analyst with an average return of 22.3% and a 60.9% success rate. Kidron covers the Technology sector, focusing on stocks such as Citrix Systems, New Relic Inc, and Hortonworks.
Atlassian has an analyst consensus of Moderate Buy, with a price target consensus of $94.38.
See today’s analyst top recommended stocks >>
Limelight Networks (LLNW)
In a report released today, Timothy Horan from Oppenheimer maintained a Buy rating on Limelight Networks, with a price target of $6.50. The company’s shares closed yesterday at $5.08.
Horan commented:
“Results were in line with guidance, but below our estimates on price competition and the loss of two top ten customers. These were low-quality/margin video customers, but the loss hurts near-term financials across the board. Positively, the focus is on FCF, and this was at $6.7M, up from $1.1M in 3Q17. We were a bit aggressive on our assumptions going into the quarter, but continue to believe that LLNW is well positioned for long-term growth. Management reiterated long-term goals of 15% annual revenue growth and gross margins in excess of 55%—we believe LLNW is progressing well toward those goals. The company has four major initiatives to grow revenues which will more than double its market opportunity: edge services, Ericsson, realtime TV and Tencent.”
According to TipRanks.com, Horan is a top 25 analyst with an average return of 17.4% and a 75.0% success rate. Horan covers the Technology sector, focusing on stocks such as Interxion Holding NV, Boingo Wireless Inc, and Zayo Group Holdings.
Limelight Networks has an analyst consensus of Strong Buy, with a price target consensus of $6.33, implying a 24.6% upside from current levels. In a report issued on October 8, D.A. Davidson also maintained a Buy rating on the stock with a $7 price target.
.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
