.png "Atlassian (NASDAQ: TEAM)")
Canaccord Genuity analyst Richard Davis maintained a Buy rating on Atlassian (NASDAQ: TEAM) today and set a price target of $100. The company’s shares opened today at $90.20, close to its 52-week high of $91.46.
Davis said:
“This morning Atlassian made two announcements: an agreement to acquire the introduction of Jira Ops, which is a platform for IT incident tracking and management. The new product will help ops teams handle IT issues faster and more efficiently, essentially piecing together a bunch of ad hoc processes – alerting the right IT folks, real-time collaboration, customer communications, support desk response, postmortem and tracking – into a single unified platform. Within this, the addition of OpsGenie will help handle the first step in incident response, which is reliable IT notifications and alert escalation when critical incidents occur. The deal wasn’t cheap at >10x forward revenue, but that seems to be the clearing price for quality private assets, and this is an important piece of the puzzle that will speed time to market for the Ops platform.”
According to TipRanks.com, Davis is a top 25 analyst with an average return of 39.9% and a 84.6% success rate. Davis covers the Technology sector, focusing on stocks such as Ceridian HCM Holding Inc, Altair Engineering Inc, and Upland Software.
Atlassian has an analyst consensus of Moderate Buy, with a price target consensus of $86.14, representing a -4.5% downside. In a report released today, Oppenheimer also reiterated a Buy rating on the stock with a $85 price target.
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Based on Atlassian’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $25.85 million. In comparison, last year the company had a GAAP net loss of $20.71 million.
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Atlassian Corp. Plc operates as an enterprise software company. Its products help large and small organizations in tracking, collaboration, communication, service management and development products to work smarter and deliver results on time. The company’s products include JIRA Software, Confluence, HipChat, Trello, Bitbucket and JIRA Service Desk.
