- Mizuho analyst Gregg Moskowitz raised the price target on Atlassian Corporation PLC TEAM to $440 from $370, implying a 13.2% upside, and reiterated a Buy.
- The analyst has learned that Atlassian recently announced a series of price changes to cloud versions of its flagship products Jira Software, Confluence, and Jira Service Management.
- The new pricing will be effective next on October 12, Moskowitz notes.
- While the changes "feature a series of puts and takes," the net effect is a "clear price increase," and particularly for Jira Service Management and larger existing cloud customers, says the analyst.
- Moskowitz reiterates his belief that Atlassian will benefit from strategic actions that should drive much better monetization in FY22 and beyond.
- Price Action: TEAM shares traded lower by 1.07% at $388.77 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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