KeyBanc analyst Jason Celino reiterated an Overweight rating and $170.00 price target on Atlassian Corporation (NASDAQ: TEAM).

The analyst commented: "Atlassian Announces 10% RIF to Get on AI Offsensive and Focus on GAAP Profitability; Reaffirms F3Q and FY26 Guidance; Last week, Atlassian announced a restructuring that will result in the elimination of ~10% of the Company's workforce. We recently caught up with the Company to better understand context and timing. We conclude that the RIF: 1) enables TEAM to self-fund R&D and enterprise sales, while also driving some margin to the bottom line, as Atlassian had previously "staffed up" to finish platform investments for Cloud/Collections, and is in a position to moderate headcount growth going forward; and 2) brings the Company back on the path toward GAAP profitability. Net, we view the rationale positively."

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Shares of Atlassian Corporation closed at $75.21 yesterday.