Atlassian Stock Gains As Analysts Raise Price Target Following Better Than Expected Q4 Earnings

Mizuho analyst Gregg Moskowitz raised the price target on Atlassian Corporation PLC TEAM to $370 from $310, implying a 38.7% upside, and reiterated a Buy rating.
Moskowitz said the company reported excellent Q4 results, with significant upside to revenue and earnings, solid customer adds, and accelerating cloud migrations. The analyst's checks continue to indicate tremendous customer demand for Atlassian's products.
Canaccord analyst David Hynes raised the firm's price target on Atlassian to $325 from $275, implying a 21.8% upside, and kept a Buy rating.
Hynes expressed confidence in the company. However, the cloud transition has been more irregular than expected. He said the underlying new business activity remains healthy, and the cloud transition is still progressing ahead of plan.
Piper Sandler analyst James Fish raised the firm's price target to $308 from $259, implying a 15.4% upside, and maintained an Overweight rating.
The company reported a much better than anticipated quarter due to subscription migrations accelerating faster than expected, including with some of Atlassian's largest customers.
Truist analyst Joel Fishbein raised the price target to $270 from $200, implying a 1.2% upside, and affirmed a Hold rating.
The company finished FY21 on a high note, with many of its strategic shifts made over the past year coming into focus, reasoned Fishbein. Subscription revenue was a crucial driver in the Q4 beat, growing at 50% against his expectation of 38%.
Price action: TEAM shares traded higher by 22% at $325.57 on the last check Friday.

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