Baird analyst Rob Oliver raised his price target on Atlassian to $110 from $88 following Q2 results he called "excellent." He noted billings benefited from a pull-forward of customer renewals ahead of pending price increases of its server offerings. The analyst believes the rise of DevOps will drive continued opportunities for low-cost, low-friction innovators. Oliver reiterated his Outperform rating on Atlassian shares.
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Macquarie lowered the firm's price target on Atlassian to $215 from $245 and keeps a Neutral rating on the shares. The company reported strong fiscal Q3 results as quarterly subscription revenue exceeded $1B for the first time, the analyst tells investors in a research note.
TD Cowen lowered the firm's price target on Atlassian to $210 from $220 and keeps a Hold rating on the shares. The firm said the results beat with updise in Data and with Cloud more tempered.
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Data Center revenue growth year-over-year is expected to be in the range of 40% to 42%. Gross margin is expected to be approximately 81.0% on a GAAP basis and approximately 83.5% on a non-GAAP basis. Operating margin is expected to be approximately (7.0%) on a GAAP basis and approximately 18.5% on a non-GAAP basis.