Morgan Stanley analyst Keith Weiss said he believes that Atlassian "truly is a great company" and "it's hard to be Underweight great companies," but leading into the company's earnings report he thought expectations appeared too high and coming out of the report he thinks the company's sharp deceleration in Q3 billings growth "likely forces investors to reassess the durable growth rate at Atlassian." Billings growth fell sharply to 31% year-over-year in Q3, noted Weiss, who sees "low thirties" as a more durable growth rate for Atlassian. He'd look to get more constructive if multiples better align to the trajectories of Atlassian's durable growth and margin expansion, said the analyst, who maintains an Underweight rating on the stock and raised his price target to $99 from $97.

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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.