Bullish stock to watch: Atlassian Corporation PLC (NASDAQ: TEAM)

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Atlassian Corporation PLC (NASDAQ: TEAM) stock rose over 29.7% in the last one month (as of May 11th, 2020; Source: Google finance) beating the Dow Jones, which generated just over 2% during the same period.

The company posted better than expected results for the third quarter of FY 20 and now holds more than $2 billion in cash and investments at the end of period. It also reported free cash flow of $140.3 million, topping estimates of $111 million. The company has reported net income of $61.9 million for the third quarter of fiscal 2020, compared to net income of $52.4 million for the third quarter of fiscal 2019, on a non-IFRS basis. The company has generated cash flow from operations of $156.3 million and free cash flow of $140.3 million for the third quarter of fiscal 2020. Free cash flow margin for the third quarter of fiscal 2020 stood at 34%.

Moreover, TEAM has ended the third quarter of fiscal 2020 with a total customer count, on an active subscription or maintenance agreement basis, of 171,051. The company has added 6,261 net new customers during the third quarter.

TEAM in the third quarter of FY 20 has reported the adjusted earnings per share of 25 cents, beating the analysts’ estimates for the adjusted earnings per share of 21 cents. The company had reported the adjusted revenue growth of 33 percent to $411.6 million in the third quarter of FY 20, beating the analysts’ estimates for revenue of $395.1 million. Operating income has increased to $77.2 million for the third quarter of fiscal 2020, compared to operating income of $58 million for the third quarter of fiscal 2019.

For the fourth quarter of 2020, the company projected a profit to be in the range of 17 to 22 cents per share on revenue expected to be of between $400 million and $415 million. The midrange of that guidance was well below the analyst consensus of a 23-cent-per-share profit on $417.7 million in revenue. For the fourth quarter, the company expects gross margin to be approximately 85% on a non-IFRS basis. Operating margin is expected to be in the range of 14% to 17% on a non-IFRS basis.

For fiscal 2020, the company expects total revenue to be in the range of $1,584 million to $1,599 million, gross margin is expected to be approximately 86% on a non-IFRS basis, Operating margin is expected to be in the range of 21.5% to 22.5% on a non-IFRS basis and net income per diluted share is expected to be in the range of $1.06 to $1.12 on a non-IFRS basis.

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