Atlassian Is Lifting Cloud Collab Stocks. Who Is Atlassian?

Author:
Publish date:
Video Duration:
2:27

Now here’s a company you likely haven’t heard of before – Atlassian  (TEAM) - Get Report.

Pronounced AT-LASS-EE-ANNE, the cloud-based project management and workflow software company reported fiscal second-quarter profit that crushed it on Thursday, spurring investors to push the company’s stock price up by almost 10% on Friday.

Atlassian’s good news, which also included higher guidance for its fiscal third quarter and full year, lifted other cloud-based collaboration and productivity focused stocks, including the likes of Slack  (WORK) - Get Report, Okta  (OKTA) - Get Report, Workday  (WDAY) - Get Report, ServiceNow  (NOW) - Get Report, Salesforce  (CRM) - Get Report and others.

Atlassian was up 8.32% at $143.68 in Friday morning trading. Shares of Slack, Okta, Workday, ServiceNow and Salesforce.com were all higher as well.

To be sure, the cloud-based collaboration world is facing some tough competition from the granddaddy of tech companies - Microsoft  (MSFT) - Get Report - which hit a fresh record high Thursday after analysts at Wedbush paced Wall Street with a $195 price target.

Wedbush analyst Dan Ives said Microsoft's stronger-than-expected customer inflows from Azure, its business-focused cloud services offering, is in part what he and his colleagues see as a future revenue generator and winner for the company.

Microsoft was up 0.31% at $167.24 in early trading on Friday.

Catch up on the Latest News, Features & Webinars on TheStreet!