Atlassian Is Looking Pretty Attractive After Q4 Report
Aug 4, 2024
Atlassian reported 20% revenue growth in Q4, with strong cash generation. This largely cloud subscription business is predictable and incredibly sticky, creating a steady and reliable stream of business. The company rolled out new features like Rovo (an AI-driven agent), combining JIRA's project and work management tools into one, and more. Customers spending over $10,000 annually grew 18%, and those spending $1 million or more grew 48%. This is great - big customers are the "stickiest" of all. Finally, Atlassian has set itself up to enter the government markets, a nice untapped vertical. The firm continues to execute and the latest sell-off looks like a great opportunity to add. I'm raising the fair value price to $227.
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