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Stock impact report

Why Atlassian Stock Was Moving Higher Today [Yahoo! Finance]

Barclays PLC (BCS) 
Company Research Source: Yahoo! Finance
broader tailwinds in the tech sector, as a weaker-than-expected producer price index reading cooled inflationary fears after the hot CPI report on Wednesday. As a result, the stock finished Thursday's session up 4.8%. This cloud has a silver lining Barclays raised its rating on Atlassian from equal weight to overweight, citing its growth in its cloud segment. The analyst raised its price target from $235 to $275 and noted that Atlassian is seeing "healthier" growth as more enterprise customers have moved to its cloud platform as it's cut off support for its on-promise server product. Barclays also said Atlassian's cloud momentum should earn the stock a higher multiple, and it's demonstrated improved revenue durability. Atlassian stock is still down roughly 50% from its pandemic-era peak as, like a lot of software stocks, it soared during the pandemic's earlier stages. Is Atlassian a buy? Its valuation still looks pricey at a price-to-sales ratio of around 15, but the com Show less Read more
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