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Strength Seen in Atlassian (TEAM): Can Its 8.2% Jump Turn into More Strength?
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Atlassian (TEAM - Free Report) shares ended the last trading session 8.2% higher at $135.71. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.6% gain over the past four weeks.
Atlassian’s stock appreciated on continued optimism surrounding the demand for remote working tools amid growing hybrid working trend across the world. Improvement in product quality and performance, multiple product launches, transparent pricing and the unique sales strategy is a positive. The expansion of its product portfolio through acquisitions with the likes of ThinkTilt, Chartio, Halp and Mindville is expected to accelerate growth momentum.
This company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of -40%. Revenues are expected to be $843.91 million, up 22.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Atlassian, the consensus EPS estimate for the quarter has been revised 9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on TEAM going forward to see if this recent jump can turn into more strength down the road.
Atlassian is a member of the Zacks Internet - Software industry. One other stock in the same industry, Meta Platforms (META - Free Report) , finished the last trading session 1.2% higher at $115.33. META has returned 12.3% over the past month.
For Meta Platforms, the consensus EPS estimate for the upcoming report has changed -2.2% over the past month to $2.13. This represents a change of -42% from what the company reported a year ago. Meta Platforms currently has a Zacks Rank of #3 (Hold).
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Strength Seen in Atlassian (TEAM): Can Its 8.2% Jump Turn into More Strength?
Atlassian (TEAM - Free Report) shares ended the last trading session 8.2% higher at $135.71. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.6% gain over the past four weeks.
Atlassian’s stock appreciated on continued optimism surrounding the demand for remote working tools amid growing hybrid working trend across the world. Improvement in product quality and performance, multiple product launches, transparent pricing and the unique sales strategy is a positive. The expansion of its product portfolio through acquisitions with the likes of ThinkTilt, Chartio, Halp and Mindville is expected to accelerate growth momentum.
This company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of -40%. Revenues are expected to be $843.91 million, up 22.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Atlassian, the consensus EPS estimate for the quarter has been revised 9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on TEAM going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Atlassian is a member of the Zacks Internet - Software industry. One other stock in the same industry, Meta Platforms (META - Free Report) , finished the last trading session 1.2% higher at $115.33. META has returned 12.3% over the past month.
For Meta Platforms, the consensus EPS estimate for the upcoming report has changed -2.2% over the past month to $2.13. This represents a change of -42% from what the company reported a year ago. Meta Platforms currently has a Zacks Rank of #3 (Hold).