Key Takeaways

• Atlassian fell from $203.09 in June 2025 to $68.25 by the end of March 2026 as vibe coding fears gripped software stocks, even though not a single sell-side analyst carried a Sell or Underperform rating through the entire slide.
• Fiscal fourth-quarter results, cloud revenue up 31% year over year and remaining performance obligations up 44%, plus a sector-wide AI-monetization rally sparked by Snowflake and Salesforce, helped the stock climb to $179.70 by September 11, nearly triple its 2026 low.
• The Street’s mean price target has gone from trading 247.5% above the stock in March to just 109.2% above it now, but Atlassian’s forward EV/revenue multiple of 6.08x still sits below its own two-year average of…