"SaaSpocalypse?" Not for Atlassian Stock, Which Has Now Soared 166% From Its 52-Week Low.
Atlassian looks so good that the company is buying back $250 million worth of stock.
Overview
Most software stocks have plummeted during the past 12 months, as investors worry artificial intelligence (AI) will deal a blow to the software-as-a-service (SaaS) business model. The concerns are twofold:
But during the past two quarters, Atlassian (NASDAQ: TEAM) has blown those concerns out of the water, and its stock has rocketed higher by 166% from its April 52-week low of $56. In fact, the story is now so positive that Chief Executive Officer Mike Cannon-Brookes just said the company plans to buy $250 million worth of Atlassian shares on the open market. Here's why investors might want to follow that lead.
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Originally published at www.fool.com.