.png "Atlassian (NASDAQ: TEAM)")
In a report released yesterday, Ittai Kidron from Oppenheimer maintained a Buy rating on Atlassian (TEAM), with a price target of $110. The company’s shares closed yesterday at $92.92, close to its 52-week high of $98.21.
Kidron observed:
“Atlassian reported a strong 2QFY19 with meaningful upside to revenue, margins, and EPS, as well as solid guidance. While some of the strength is from expected pull-forward activity related to recent price adjustments, it’s also clear that overall product demand and company execution are strong on top of the pull-in gains. New customer adds were solid, demand is healthy across the portfolio (Jira Software now >65,000 customers), and the positioning of Trello (enhanced with Butler acquisition) looks promising. We’re bullish and reiterate Atlassian as one of our top 2019 picks, reflecting multiple growth levers (new customers, new users, ASP leverage…) and strong control of its direction even if there are macro headwinds. Maintain Outperform; raise estimates and PT to $110 from $95.”
According to TipRanks.com, Kidron is a top 25 analyst with an average return of 25.9% and a 67.3% success rate. Kidron covers the Technology sector, focusing on stocks such as Citrix Systems, New Relic Inc, and Cloudera Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Atlassian with a $98.33 average price target.
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The company has a one-year high of $98.21 and a one-year low of $47.74. Currently, Atlassian has an average volume of 1.69M.
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Atlassian Corp. Plc is a holding company, which engages in the design, development, license, and maintainance of software and provision software hosting services. Its products include JIRA software, Confluence, Trello, Bitbucket, Sourcetree, and JIRA Service Desk.
