These Analysts Revise Their Forecasts On Atlassian After Q4 Results

Author: Avi Kapoor | August 02, 2024 09:05am

Atlassian Corporation (NASDAQ:TEAM) reported better-than-expected earnings for its fourth quarter on Thursday.

The company posted quarterly earnings of 66 cents per share which beat the analyst consensus estimate of 60 cents per share. The company reported quarterly sales of $1.131 billion which beat the analyst consensus estimate of $1.130 billion.

"We announced transformative innovations for our customers like Rovo, the latest human-AI technology reshaping the way we work. We achieved significant milestones like FedRAMP's ‘In Process' status, a huge step towards supporting the U.S. public sector in the cloud, and we wound down support for Server," said Atlassian CEO Mike Cannon-Brookes.

Atlassian expects first-quarter revenue to be in the range of $1.149 billion to $1.157 billion versus estimates of $1.16 billion. The company expects fiscal year 2025 revenue growth of approximately 16%.

Atlassian shares fell 1.9% to close at $173.24 on Thursday.

These analysts made changes to their price targets on Atlassian following earnings announcement.

• Baird analyst Rob Oliver downgraded Atlassian from Outperform to Neutral and lowered the price target from $230 to $175.
• Goldman Sachs analyst Kash Rangan upgraded the stock from Neutral to Buy and raised the price target from $200 to $230.
• Truist Securities analyst Joel Fishbein maintained Atlassian with a Hold rating and cut the price target from $200 to $160.

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Posted In: TEAM