Atlassian Snaps Up Chartio For Data Visualization

Atlassian Corp. on Feb. 26 announced the acquisition of cloud-based data visualization and analytics provider Chartio, for an undisclosed sum. Atlassian shares rose about 1.7% in Monday’s pre-opening session.

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Atlassian Head of Product Zoe Ghani said (TEAM), “Atlassian products are home to a treasure trove of data, and our goal is to unleash the power of this data so our customers can go beyond out-of-the-box reports and truly customize analytics to meet the needs of their organization. Chartio is an important component of this vision as it will serve as our new analytics and data visualization engine across our products, starting with the Jira family.”

Atlassian focuses on centralizing and connecting data across its products and third party tools. The company provides project tracking, content creation, and service management software products across the globe.

Chartio CEO Dave Fowler commented, “We are thrilled to be joining Atlassian and amplify our missions with such an incredible platform, company, and customer base.” (See Atlassian stock analysis on TipRanks)

Cowen & Co. analyst Derrick Wood recently raised the stock’s price target to $255 (7.3% upside potential) from $250 and reiterated a Buy rating. Wood noted the company’s solid 2Q results and thinks its guidance was conservative despite being above consensus.

From the rest of Wall Street analysts, Atlassian scores a Moderate Buy consensus rating based on 11 Buys and 4 Holds. The average analyst price target of $269.92 implies about 13.6% upside from current levels. Shares have popped 62% over the past year.