On September 14, Atlassian Corporation PLC rose 5.04% in pre-market trading, trading at 188.61 USD/share, with turnover of approximately $4.64 million. The gain came amid broad strength in the application software sector, with peers Salesforce up 2.99% and Adobe up 2.80%, reflecting notable sector-wide momentum.

On the news front, Atlassian continues to benefit from the AI knowledge graph wave. The company's graph database product, Teamwork Graph — first launched in 2023 — is being aggressively promoted to enterprise customers. Rising demand from AI agents for parsing relationships across internal enterprise data has opened a new growth avenue for the company. Multiple investment banks have recently raised their price targets: Truist to $185, Morgan Stanley to $180, and Bank of America significantly from $105 to $175 while upgrading the stock to a Buy rating.

The upgrades followed Atlassian's blowout fiscal Q4 results in August, where adjusted EPS of $1.87 beat estimates of $1.50 by nearly 25%, and revenue of $1.77 billion topped expectations of $1.66 billion. Cloud revenue accelerated 31% year over year, reinforcing the company's positioning as an AI beneficiary within enterprise collaboration software.

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