Atlassian approves $1B buyback, stock slumps 12% after FQ2 reports
Atlassian (NASDAQ:TEAM) Board of Directors have authorized a buyback of $1B stock.
The share repurchase program does not have a fixed expiration date. The timing, manner, price, and amount of any repurchases will be determined by Atlassian (TEAM) at its discretion and will depend on a variety of factors, including business, economic and market conditions, prevailing stock prices, corporate and regulatory requirements, and other considerations.
The company beat its top and bottom line estimates on FQ2 results and expects a FY 2023 topline growth of 25%.
The stock is trading 13% below last close on Thursday.
SA warns that the stock is at a high risk of performing badly due to decelerating momentum and is overpriced compared to other tech stocks.
Gets a Sell Quant rating as opposed to sell side analyst rating of Buy.