10 AI Stocks Making Waves on Wall Street

8. Atlassian Corporation (NASDAQ:TEAM)

Number of Hedge Fund Holders: 44

Atlassian Corporation (NASDAQ:TEAM) is a global software company that designs, develops, licenses, and maintains various software products worldwide. On January 24, Analyst Michael Turrin of Wells Fargo maintained a Buy rating on Atlassian Corporation (NASDAQ:TEAM) with a price target of $350.00. The firm’s buy rating is based on several positive factors favoring Atlassian, particularly its ability to sustain over 20% growth for multiple years. The company has also received positive feedback for its pricing strategies, tier upgrades, and progress with its Jira Service Management product, which is an AI-powered product designed to improve support and operations. All of these have exceeded expectations.

The company has also been implementing significant price hikes for its Data Center products and has also made progress in achieving the FedRAMP Moderate status. Both of these factors position the company for future growth. According to the firm, this progress is further underscored by favorable market anecdotes, particularly with small customers already utilizing its Rovo product. Rovo is Atlassian’s “AI teammate”, a GenAI product that enables teams to take action on organization knowledge. Lastly, the company’s valuation metrics also support the Buy rating.