Atlassian's (TEAM) fiscal Q3 earnings and revenue came in modestly above estimates, with healthy underlying fundamentals, and data center-to-cloud migration and paid seat expansion staying ahead of expectations, Oppenheimer said in a Friday research note.

However, the company's billings were impacted by increased enterprise deal complexity, which caused longer deal cycles and a back-end-heavy quarter. Billings of $1.53 billion remained well below the estimates of $1.62 billion, the research firm noted.

Atlassian reported fiscal Q3 non-GAAP earnings of $0.97 per diluted share, compared with analysts' estimate of $0.90. Revenue was $1.36 billion, slightly above the estimate of $1.35 billion.

Oppenheimer noted that normal April trends and strong new product engagement by the software company show that macro instability has not impacted demand.

"We're comfortable management will tighten execution, especially as the enterprise sales motion matures. We believe Atlassian's overall opportunity remains compelling, though we're focused on a multi-quarter view as newer products and sales proof points are shown," Oppenheimer said.

Given the limited macro visibility, investors could wait for the company to provide better view on full-year 2026 guidance and execution proofs, the firm said.

Oppenheimer lowered the price target on the stock to $300 from $325, while maintaining an outperform rating.

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