Atlassian (TEAM) Moves 3.8% Higher: Will This Strength Last?

Atlassian TEAM shares rallied 3.8% in the last trading session to close at $224.10. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 33.2% loss over the past four weeks.The optimism surrounding the stock is largely driven by the traction in Atlassian’s enterprise collaboration and workflow software solutions due to the rise of the hybrid work trend and accelerated digital transformation efforts by global organizations. The implementation of artificial intelligence across TEAM's portfolio is further enabling organizations to automate and improve communication systems, further positioning Atlassian for long-term expansion.This company is expected to post quarterly earnings of $0.90 per share in its upcoming report, which represents a year-over-year change of +1.1%. Revenues are expected to be $1.35 billion, up 13.5% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Atlassian, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on TEAM going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Atlassian is a member of the Zacks Internet - Software industry. One other stock in the same industry, Pinterest PINS, finished the last trading session 1.1% lower at $31.39. PINS has returned -19.9% over the past month.Pinterest's consensus EPS estimate for the upcoming report has changed +7.1% over the past month to $0.25. Compared to the company's year-ago EPS, this represents a change of +25%. Pinterest currently boasts a Zacks Rank of #3 (Hold).5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Atlassian Corporation PLC (TEAM): Free Stock Analysis Report Pinterest, Inc. (PINS): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks