Atlassian Shares Surge to New High on Salesforce Earnings Momentum
Atlassian Corp (NASDAQ: TEAM) shares reached a new all-time high of $194 on Friday, marking a 4.40% increase to close at $193.79. This rally was fueled by strong earnings from Salesforce Inc., a peer in the enterprise software sector.
Salesforce reported second-quarter revenue of $11.35 billion, an 11% year-over-year increase, surpassing estimates of $11.32 billion. Its adjusted earnings per share were $5.90, significantly higher than the $3.27 consensus. The company also raised its forward-looking estimates, boosting confidence in the sector.
Salesforce guided third-quarter revenue to between $11.42 billion and $11.50 billion, above the $11.41 billion estimate. Full-year revenue outlook was lifted to $46.1 billion to $46.4 billion, up from the prior range of $45.9 billion to $46.2 billion.
Atlassian's stock is currently trading at $193.79, roughly 24% above its 20-day moving average of $155.14 and 78% above its 200-day average of $108.34. The relative strength index (RSI) stands at 79.87, indicating an overbought condition. Traders are watching $157.50 as a key support level.