Atlassian surges to record high on results

Atlassian surges to record high on results
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In a note to shareholders, Atlassian co-founders Scott Farquhar and Mike Cannon-Brookes said the company brought fiscal 2021 to “a ripper close” and “kept the momentum higher” through the first quarter of fiscal 2022.

Farquhar and Cannon-Brookes each were listed as having a net worth of $US25.3 billion at the close of trading on Thursday, ranking them at 64 and 65 on the Bloomberg Billionaires Index. The 9.8 per cent share rise on Friday represents a $US2.47 billion boost for each and would lift them into the top 60.

The company reported total revenue was $US614.0 million for the first quarter, up 34 per cent from $US459.5 million for the first quarter a year ago.

Atlassian forecast total revenue in the current quarter is expected to be in the range of $US630 million to $US645 million.

Oppeheimer lifted its price target for Atlassian to $US500 from $US420: “We believe Atlassian should trade at a premium to its peer group given its unique go-to-market model, further supported by strong long-term growth prospects, good cash flow, and large [market] expansion opportunities.“

Still, Oppenheimer said there are some risks ahead, one of which is Atlassian’s multi-year cloud transition.

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