Atlassian Wows Analysts With Investor Event Presentations, Macquarie Upgrades Stock: Retail Isn't Excited

Collaboration software, services and tools provider Atlassian Corp.’s (TEAM) shares haven’t been immune to the sell-off sparked by President Donald Trump’s tariffs, shedding nearly 12% since April 2.

Citing fundamentals and valuation, an analyst at Macquarie upgraded the Atlassian stock to ‘Outperform’ from ‘Neutral’ but reduced the price target to $270 from $317, citing lower peer multiples.

The new price target  still implies a potential upside of 36%. 

The positive take came after the firm attended TEAM’25 customer conference and investor forum.

Analyst Steve Koenig noted that at the event, the company announced Teamwork Collection, a new cloud bundle, including Jira, Confluence, Loom and Rovo agents. The bundle, the analyst said, will use agentic artificial intelligence (AI) for project workflow actions across separate apps.

The analyst sees this as a logical step in integrating Atlassian’s products and making them more accessible and useful across non-technical functions as well as DevOps teams.

Citing views of partners, Koenig said, the company will likely use its teamwork graph and app metadata to drive user experience more dynamically and automatically.

In the near term, the analyst expects Atlassian to beat its more conservative fiscal year 2025 guidance due to the 15-25% price increases on contracts renewing after Feb. 11.

In late January, the company raised its 2025 revenue growth outlook to 18.5%-19%, ahead of the then consensus estimate for 17.2% growth.

It guided third-quarter revenue in the range of $1.345 billion to $1.353 billion

Macquarie also said the stock’s valuation has become attractive on all of its measures.

Koenig sees visibility into Atlassian’s calendar year 2025 revenue upside as a key catalyst. The company has scheduled its third quarter earnings for May 1.

On Thursday, the stock received price target cuts from several other analysts, although they retained their bullish stances, TheFly reported. 

• Mizuho reduced the price target to $325 from $355.
• BMO Capital Markets took it down to $295 from $360.
• KeyBanc Capital markets lowered the price target to $275 from $365.
• Wells Fargo reduced the price target to $330 from $375.

The firms came away from the event impressed, convinced in the company’s growth potential.

On Stocktwits, retail sentiment toward Atlassian stock remained ‘bearish’ (28/100) and the message volume stayed ‘normal.’

Much of the negativity may have to do with the macro challenges, given users haven’t commented on the event per se.

Last week, a bearish watcher said the stock is overpriced and would be worth buying it if it dips back to the $140 level. 

Atlassian stock ended Thursday’s session down 5.53% at $198.03 and it has lost about 19% since the start of the year.

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