Atlassian

TEAM · NASDAQ

$221.11+$6.36 (+2.96%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $214.75

TEAM analyst rating

BuyConsensus of 24 analysts over the last 12 months. 83% rate it a buy.

Strong buy0
Buy20
Hold4
Underperform0
Sell0

12-month price target · 34 analysts

Average $207.52 (−6.1% downside)

Low: $146.45
Now: $221.11
High: $504.00

Upgrades and downgrades

The latest rating actions, newest first

TEAM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citigroup	Oct 20, 2026	Maintains	Buy	$225.00 → $245.00	71%
BTIG	Oct 20, 2026	Maintains	Buy	$230.00 → $260.00	70%
Guggenheim	Oct 19, 2026	Maintains	Buy	$165.00 → $280.00	71%
Keybanc	Oct 19, 2026	Maintains	Overweight	$185.00 → $235.00	53%
Mizuho	Oct 15, 2026	Maintains	Outperform	$215.00 → $235.00	61%
Wells Fargo	Oct 14, 2026	Maintains	Overweight	$180.00 → $230.00	56%
Barclays	Oct 13, 2026	Maintains	Overweight	$172.00 → $222.00	56%
RBC Capital	Oct 12, 2026	Maintains	Outperform	$215.00 → $235.00	61%
Baird	Sep 28, 2026	Maintains	Outperform	$200.00 → $245.00	52%
Cantor Fitzgerald	Sep 21, 2026	Maintains	Overweight	$175.00 → $220.00	55%

The case for and against

Updated Oct 14, 2026

Bull case

Atlassian is well positioned for durable growth because its cloud-based collaboration suite—led by Jira, Confluence, Loom, and Rovo—sits at the center of enterprise teamwork, where more software creation increases coordination complexity rather than reducing demand. Its Teamwork Graph, now tracking more than 200B objects and relationships, strengthens the AI moat by improving task accuracy, lowering token usage, and making AI outputs cheaper and faster, while customers adopting Rovo are completing 20% more Jira work items and expanding ARR at roughly 2x the rate of non-adopters. Financially, Subscription ARR ended FY/26 at $6.6B, up 23% y/y, cloud revenue is growing in the high-teens with 120%+ net expansion, and stronger pricing, Collections upgrades, and cloud migrations should support further margin expansion.

Bear case

Atlassian is facing a deteriorating fundamental setup because the Data Center end-of-life announcement created a large FY/26 revenue pull-forward that distorts reported growth and sets up a mechanical slowdown, with total revenue growth guided to roughly 13% in FY/27 and Data Center revenue expected to decline about 17% y/y. Its margins are also under pressure as the temporary non-GAAP operating margin benefit reverses and Cloud migration brings lower initial-year revenue plus higher hosting costs, while subscription retention remains vulnerable because customers are not obligated to renew. Beyond that, intense competition, rapid AI disruption, elevated R&D investment near 50% of revenue in FY/26, cybersecurity risk, executive turnover, and a dual-class structure with about 86% of voting power concentrated with the co-founders all weaken confidence in long-term value creation.

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