Key Takeaways for Atlassian Stock as of June 2026
- Analysts rate Atlassian stock 21 Buys, 5 Outperforms, and 6 Holds with a street mean target of $141, implying around 71% upside from the current price of $83.
- TIKR’s mid-case model values Atlassian at $131 by June 2030, implying around 59% total return from current levels, or roughly 12% annualized.
- Atlassian’s Q3 FY2026 revenue grew 32% year over year to $1.79 billion, beating the Street by more than 5%, as cloud revenue accelerated to 29% growth and the company raised its full-year revenue growth guidance to 24%.
Atlassian Stock Surged 29% After Q3 FY2026 Earnings as Revenue and Cloud Growth Shattered Expectations
Atlassian Corporation (TEAM) delivered its strongest quarterly revenue beat in recent history in Q3 FY2026, with revenue of $1.79 billion growing around 32% year over year and topping the Street’s $1.70 billion estimate by around 5%.
Cloud revenue crossed $1.1 billion in the quarter and accelerated to around 29% growth year over year, a clear reversal from the deceleration narrative that had weighed on the stock since early 2026.
The Teamwork Collection, Atlassian’s bundled platform that grants customers 10x more Rovo AI credits than standalone subscriptions, drove a cross-sell outperformance that surprised even the company.
Rovo, Atlassian’s AI assistant embedded across Jira, Confluence, and its service management products, is generating measurable expansion: CEO Mike Cannon-Brookes said on the Q3 earnings call that “customers using Rovo are also growing their ARR at roughly 2x the rate of customers who are not using Rovo,” with Rovo credit consumption growing more than 20% month over month.
The Service Collection, Atlassian’s enterprise IT service management bundle, crossed $1 billion in ARR and grew more than 30% year over year, while Q3 marked the company’s largest-ever quarter for competitive displacements from a major ITSM provider.
Meanwhile, remaining performance obligations reached $4 billion, growing around 37% year over year, meaning the contracted future revenue base now far outpaces what the income statement reflects in any single period.
Management raised full-year FY2026 revenue growth guidance to around 24%, up from 22%, with Q4 revenue guided between $1.65 billion and $1.66 billion and Q4 cloud revenue growth expected around 26%.
Atlassian also cut approximately 1,600 positions, around 10% of the workforce, in March 2026, explicitly to self-fund expanded enterprise sales hiring and accelerate its path toward GAAP profitability.
Atlassian Stock Has 21 Buy Ratings and a $141 Street Mean Target the Market Has Not Priced In
Atlassian stock carries one of the more decisive analyst consensus profiles in enterprise software right now, with 21 Buys, 5 Outperforms, and 6 Holds and no sell-side analyst holding a negative rating.
The street mean target of $141 sits around 71% above the current price of $83, a gap that reflects how far the stock still trades below where a majority of professional analysts believe it should be.
Atlassian stock’s revenue growth drives the thesis, and analysts expect Q4 FY2026 revenue of around $1.66 billion, representing around 20% year-over-year growth, after Q3’s around 32% print showed the company running well ahead of prior expectations.
The forward trajectory shows a sequential growth step-down into FY2027 as data center revenue declines mechanically from the end-of-life pull-forward dynamic, with Q1 FY2027 revenue estimated at around $1.68 billion and Q2 FY2027 at around $1.82 billion.
Atlassian’s EBITDA beat the Street by around 22% in Q3, with reported EBITDA of around $617 million at around 35% margins against a consensus expectation of around 30%, and analysts now expect Q4 FY2026 EBITDA of around $540 million at roughly 32% margins.
The $1 million customer cohort has grown 6x over four years and grows at around 39% year over year, and the $3 million cohort has grown 10x, providing the enterprise expansion runway that the cloud revenue trajectory must validate to sustain current analyst targets.
The open question the Street is watching is whether subscription ARR growth, which has reaccelerated to around 23% as of Q3, continues through the FY2027 data center revenue trough, the condition that would confirm Atlassian stock as genuinely undervalued at $83 and push the 21-buy consensus to raise targets toward and above the $141 mean.
Atlassian Stock Led Salesforce and ServiceNow on Revenue Growth in Q3, but the Data Center Trough Closes the Gap
Atlassian stock’s revenue grew around 32% year over year in Q3 FY2026, more than doubling Salesforce’s (CRM) around 13% and running well ahead of ServiceNow’s (NOW) around 22% in the same quarter.
The forward estimates show Atlassian stock decelerating toward around 20% growth in Q4 FY2026 and around 15% by Q4 FY2027, as the mechanical data center revenue trough compresses reported growth, while ServiceNow holds around 21% to 23% across the same forward period.
That convergence is timing-driven rather than demand-driven, and Atlassian stock’s subscription ARR reacceleration to around 23% confirms the underlying growth rate stays well above what Salesforce’s around 9% to 11% forward estimates reflect across the same quarters.
TIKR’s $131 Target on Atlassian Stock Reflects a Business Rerating That Has Not Happened Yet
TIKR’s mid-case model values Atlassian at around $131 by June 2030, implying around 59% total return from the current price of around $83, or roughly 12% annualized over four years, and the setup points to Atlassian stock being undervalued at current levels.
The Q3 revenue growth of around 32%, the raised FY2026 guidance to around 24%, and the Teamwork Collection cross-sell acceleration all point to a business where the AI threat has reversed into demand-side expansion, and TIKR’s target requires that trajectory to compound from here.
Atlassian stock’s 21 Buy ratings and a street mean target of $141 already sit above TIKR’s mid-case, meaning the model’s $131 reflects a conservatively achievable outcome if revenue growth normalizes around 15% through FY2027 and rebounds into FY2028, as management’s own ARR disclosures suggest.
The target holds if two things remain true through FY2027: the data center revenue trough does not drag subscription ARR below 20% growth, and Rovo’s expansion rates continue driving enterprise customer cohort expansion at roughly the 39% pace the $1 million cohort achieved over four years.
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