Atlassian price target raised to $350 from $275 at Barclays

Barclays analyst Ryan MacWilliams raised the firm’s price target on Atlassian (TEAM) to $350 from $275 and keeps an Overweight rating on the shares. The company reported a better than expected “beat and raise” quarter, driven by strong enterprise momentum and stable small business trends, the analyst tells investors in a research note. The firm expects investors to gain more confidence in Atlassian’s medium-term revenue growth algorithm given management’s “confident commentary” on customer desire to expand their spend with the company and interest in committing to a cloud migration.