Atlassian Corp’s shares reached a 52-week high of $184.22 on Wednesday, extending a rally that has lifted the stock 124% over the past six months. The software company’s equity last traded at $184.13, near its peak after reporting fiscal fourth-quarter results that exceeded analyst projections.
The company posted adjusted earnings per share of $1.87, surpassing the consensus estimate of $1.50, while revenue totaled $1.77 billion, up 28% from a year earlier and ahead of the $1.66 billion forecast. Cloud revenue grew 31% to $1.21 billion, and remaining performance obligations rose 44% to $4.8 billion. Atlassian also recorded its first GAAP operating profit in more than two years, with a 12% margin.
Analysts have responded with a wave of upward revisions. Bank of America upgraded the stock to Buy from Neutral and raised its price target to $175, while Jefferies lifted its target to $200. BTIG also increased its target to $180, and FBN Securities set a new target at $170. TD Cowen raised its target to $145. Across 21 recent analyst actions, the majority have adjusted earnings estimates higher.
Atlassian’s CEO Mike Cannon-Brookes highlighted AI as a strategic focus, noting a $250 million personal investment in the company’s shares alongside a new share purchase plan. The stock’s market capitalization stands at $46.45 billion, reflecting strong investor confidence in its growth trajectory.
