Atlassian reported "decent" fiscal Q3 results that reflected a greater pull forward of business to Q2 due to an imminent price increase than reflected in consensus billings expectations, Jefferies analyst John DiFucci tells investors in a research note. The analyst, while still viewing Atlassian as a "unique asset with very substantial opportunity," keeps a Hold rating on the shares with a $105 price target citing a "rich" valuation.
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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.