'Atlassian Corporation (TEAM) Announces 10% RIF'; KeyBanc Reiterates OW Rating

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."

For an analyst ratings summary and ratings history on Atlassian Corporation click here. For more ratings news on Atlassian Corporation click here.

Shares of Atlassian Corporation closed at $75.21 yesterday.

You May Also Be Interested In

• JPMorgan Starts TIME dotCom Berhad (TDC:MK) at Overweight
• Deutsche Bank Upgrades Softbank Group Corp. (9984:JP) (SFTBY) to Buy
• GameStop 'remains focused on advancing' proposed eBay deal, offers adjusted EBITDA guidance - Filing