Why Atlassian Stock Popped on Wednesday
(NASDAQ: TEAM) stock enjoyed a modest price bump of 1.7% through 11:30 a.m. ET Wednesday after earlier enjoying a more dramatic gain in premarket trading.
Why is Atlassian rising? Because yesterday, two separate investment banks published notes describing some pretty dramatic pricing power at the software stock.
In separate notes on TheFly.com, first Barclays and then Citigroup pointed out that effective Feb. 11, Atlassian is raising prices on its Jira Service Management, Jira Software, and Confluence products. Prices will rise 23%, 24%, and 29%, respectively, says Barclays, while Citi estimates increases at between 23% and 24%. Both bankers agree that the price hikes will be significantly greater than the 5% to 15% increases Atlassian imposed in 2024.
Source Fool.com
