New York, May 16, 2026, 10:09 EDT
- Atlassian finished Friday at $87.46, a jump of 8.16%. But the stock still dropped roughly 4.5% on the week after struggling from Monday through Wednesday.
- Truist Securities’ Miller Jump kept a Buy rating and a $100 target on Atlassian, saying AI monetisation is still a focus after Team 26.
- Nasdaq is closed for regular trading over the weekend. The next planned U.S. market holiday is Memorial Day, May 25.
Atlassian shares jumped 8.16% to $87.46 on Friday, snapping back from earlier losses, while the rest of tech stumbled. Still, TEAM closed the week down roughly 4.5% from where it stood at $91.60 after the May 8 session.
Timing is key. Investors want to see if Atlassian’s AI push turns product news into sales, as buyers look at budgets and compare Atlassian against bigger software rivals and new project-management tools.
Atlassian shares aren’t trading in the regular session on Saturday because Nasdaq’s normal market hours are Monday to Friday, 9:30 a.m. to 4:00 p.m. Eastern. That puts the focus on Monday’s open to see if Friday’s bounce continues.
Nasdaq Composite dropped 1.5% to 26,225.14 on Friday, as tech stocks weighed on the index. Associated Press pointed to AI-linked stocks, which had been strong recently, as some of the laggards.
Analyst moves kicked off the stock move. StreetInsider said Truist Securities analyst Miller Jump kept a Buy on Atlassian and set a $100 price target. Investing.com reported Truist pointed to investor questions after Team 26 about AI product monetization and Rovo credits.
Atlassian’s last earnings keep driving the trade. The company posted fiscal third-quarter revenue of $1.787 billion, up 32% from last year. Cloud revenue was $1.132 billion, up 29%. CEO and co-founder Mike Cannon-Brookes called it a “strong” quarter, and CFO James Chuong said cloud growth “accelerated.” SEC
The company is calling for fiscal Q4 revenue between $1.653 billion and $1.661 billion, with cloud revenue growth around 25.5%. For fiscal 2026, it projects total revenue up about 24% and sees cloud revenue climbing about 26.5%.
Microsoft, GitHub, ServiceNow and Asana are named by Atlassian in filings as rivals in software, IT and business-team platforms, putting competitive pressure front and center. For Atlassian, that means its AI agents have to keep customers working inside Jira, Confluence and its service-management tools instead of losing budgets to bigger bundled platforms.
The rebound isn’t solid everywhere. Atlassian showed a GAAP operating loss of $56.3 million for the quarter. That number includes $223.8 million in restructuring charges. In its filing, the company says competitors might end up doing a better job with AI or get better access to AI tech. GAAP stands for standard accounting rules, while non-GAAP figures take out items like stock-based comp and restructuring.
TEAM’s outlook is mixed in the short term. If shares stay above Thursday’s $80.86 close, Friday’s jump could be more than just short covering. Clearing Friday’s $89.19 high would bring $92 back into play. But if TEAM slips under Friday’s $82.10 low, focus shifts to $78.20, the May 14 low, especially if the Nasdaq keeps sliding.
