Long Position on TEAM @ $52.20 on 11/27/2017 (Momentum)

Atlassian Corporation Plc (TEAM) designs, develops, licenses, and maintains software, as well as provides software hosting services worldwide.

The company offers JIRA, a team planning and project management platform; Confluence, a team content creation and sharing solution; HipChat, a team messaging and communications tool; and Bitbucket, a team code sharing and management software, as well as JIRA Service Desk for team services and support applications. Its products enable teams to organize, discuss and complete shared work.

Shares have formed a bullish "flag" following its recent quarterly results.  Atlassian reported earnings on Oct. 19. The average analyst estimate had called for the enterprise software company to record adjusted profits of $0.09 per share, but actual adjusted profits came in at $0.12 per share -- a 20% improvement over the prior-year period. Sales also came in ahead of the market's expectations, increasing 42% year over year to reach roughly $194 million.  The company expects to record adjusted full-year profits between $0.46 and $0.47 on sales that will come in between $841 and $847 million. Management also indicated that it saw its collaboration software performing well even as competitors including Cisco, Microsoft, and Facebook put increasing focus on the space.

Higher share prices are expected for this stock.

52-Weeks Trading Range: $23.80 - 53.45

Entry Point: $52.20

Stop Loss: $49.50

Target Price: $57.42

Updates

12/4/2017 9:37:53 AM

TEAM closed at $46.

Position closed on 12/4/2017 at price of $46.00 with a -11.88% loss in 7 days.

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