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!
- What to Watch Friday: Coronavirus, Intel Earnings, JPMorgan on GE
- Latest From Jim Cramer: Here's When to Expect a Market Reaction to Coronavirus
- TheStreet Explains: How Does Shorting a Stock Work?
- Retirement Daily: Add This Often-Forgotten Task to Your 2020 Financial To-Do List
- Sports Biz: Exploring the Math Behind Super Bowl Squares Pools
- Free Webinar: Expert Advice on Equity Trading by CME Group