We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Atlassian (TEAM) Soars 6.5%: Is Further Upside Left in the Stock?
Read MoreHide Full Article
Atlassian (TEAM - Free Report) shares rallied 6.5% in the last trading session to close at $215.14. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.5% gain over the past four weeks.
The upswing came after the U.S. Federal Reserve kept benchmark interest rates unchanged for the third consecutive time due to easing inflation. Furthermore, the central bank hinted a dovish stance and expect three rate cuts in 2024. A decline in interest rates would boost IT spending, thereby increasing demand for Atlassian’s solutions.
This company is expected to post quarterly earnings of $0.61 per share in its upcoming report, which represents a year-over-year change of +35.6%. Revenues are expected to be $1.02 billion, up 16.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Atlassian, the consensus EPS estimate for the quarter has been revised 1.9% 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 belongs to the Zacks Internet - Software industry. Another stock from the same industry, Freshworks Inc. (FRSH - Free Report) , closed the last trading session 4.5% higher at $22.19. Over the past month, FRSH has returned 15.9%.
Freshworks Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. Compared to the company's year-ago EPS, this represents a change of +400%. Freshworks Inc. currently boasts a Zacks Rank of #3 (Hold).
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Atlassian (TEAM) Soars 6.5%: Is Further Upside Left in the Stock?
Atlassian (TEAM - Free Report) shares rallied 6.5% in the last trading session to close at $215.14. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.5% gain over the past four weeks.
The upswing came after the U.S. Federal Reserve kept benchmark interest rates unchanged for the third consecutive time due to easing inflation. Furthermore, the central bank hinted a dovish stance and expect three rate cuts in 2024. A decline in interest rates would boost IT spending, thereby increasing demand for Atlassian’s solutions.
This company is expected to post quarterly earnings of $0.61 per share in its upcoming report, which represents a year-over-year change of +35.6%. Revenues are expected to be $1.02 billion, up 16.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Atlassian, the consensus EPS estimate for the quarter has been revised 1.9% 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 belongs to the Zacks Internet - Software industry. Another stock from the same industry, Freshworks Inc. (FRSH - Free Report) , closed the last trading session 4.5% higher at $22.19. Over the past month, FRSH has returned 15.9%.
Freshworks Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. Compared to the company's year-ago EPS, this represents a change of +400%. Freshworks Inc. currently boasts a Zacks Rank of #3 (Hold).