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TEAM

Atlassian

$111.23

-2.02 (-1.78%)

08:35
04/18/19
04/18
08:35
04/18/19
08:35

Atlassian post-earnings pullback a buying opportunity, says Cowen

Cowen analyst J. Derrick Wood said that while Atlassian reported a mixed Q3, with a revenue beat and a billings miss, he would advise to take advantage of the pullback as "dips have historically been an opportune time to buy" the stock. Pull-forward activity in Q2 ahead of a mid-October price increase hurt deferred revenue growth and management said that this will impact Q4 deferred too, but to a lesser degree than Q3 and that the effect should fade each subsequent quarter, noted Wood. He maintains an Outperform rating on Atlassian with a $125 price target.

  • 05

    Jun

TEAM Atlassian
$111.23

-2.02 (-1.78%)

04/18/19
JEFF
04/18/19
NO CHANGE
Target $105
JEFF
Hold
Atlassian reported 'decent' Q3 results, says Jefferies
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.
04/18/19
MZHO
04/18/19
NO CHANGE
Target $125
MZHO
Buy
Mizuho still comfortable buying Atlassian shares despite billings miss
Although Atlassian's fiscal Q3 revenue and earnings upside "was solid," billings were below consensus, Mizuho analyst Gregg Moskowitz tells investors in a post-earnings research note. However, his work indicates a "high likelihood" that this is solely a function of a greater than expected pull forward impact in fiscal Q2. Normalizing for this, the analyst estimates "very healthy" fiscal Q3 billings growth in the high 30% range. Moskowitz remains buying the shares, "especially on any significant weakness." He keeps a Buy rating on Atlassian with a $125 price target.
04/18/19
MSCO
04/18/19
NO CHANGE
Target $99
MSCO
Underweight
Atlassian billings slowdown should make investors reassess, says Morgan Stanley
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.
04/18/19
BMOC
04/18/19
NO CHANGE
Target $110
BMOC
Market Perform
Atlassian price target raised to $110 from $100 at BMO Capital
BMO Capital analyst Keith Bachman raised his price target on Atlassian to $110, saying that while its Q3 result was not as "good as it looked", its guidance for Q4 was not as bad. The analyst cites the changes in pricing, which he says "meaningfully exacerbate seasonality of billings", also estimating the company's billings growth at an "impressive" 35%-40%. Bachman is keeping his Market Perform rating on Atlassian, noting that while the company offers a "compelling product suite" with "innovative pricing strategy", its current valuation does not offer a "favorable risk/reward."

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