Jul. 30 at 8:51 PM
Macquarie named Atlassian its top Software & Services pick, maintaining an Outperform rating and a
$130 price target, citing strong cloud momentum, AI-driven growth opportunities, and an attractive valuation ahead of earnings on August 6.
The firm expects Atlassian to deliver a solid fiscal Q4 2026 and provide fiscal 2027 guidance largely in line with expectations. Subscription annual recurring revenue growth is projected to remain around 22%-23%, supported by continued strength in both the Cloud and Data Center businesses.
While Macquarie expects some near-term revenue pressure as customers transition away from Data Center products ahead of their 2029 end-of-life date, it believes investors are increasingly focusing on Atlassian’s AI potential. The firm highlighted growing adoption of Rovo, AI-powered workflows, Collections bundles, flexible credit pricing, and a shift toward more usage-based pricing models as potential catalysts.
$TEAM