Overview

• BofA Securities initiated coverage of Atlassian on September 23 with a Neutral rating and a $200 price target.
• The firm said management targets 20%+ revenue growth through FY27 but warned that the accelerated end of sales and support for Data Center and two large deals cloud the durability of growth.
• Analysts also cited Atlassian’s potential to win share in a roughly $58 billion collaboration and project-management market given its broad platform and 300,000+ customer base.
• Atlassian agreed to acquire DX, with the transaction expected to close in Q2 2026 subject to customary closing conditions and regulatory approvals.
• The company reported over $5.2 billion in FY2025 revenue with more than $1.4 billion in free cash flow, guided Q1 FY2026 revenue to $1,395–$1,403 million, and expanded its strategic partnership with Google Cloud to advance AI capabilities.