Why Atlassian Finished August Up 13%

Shares of Atlassian (NASDAQ:TEAM) were moving higher last month, gaining 13%, according to data from S&P Global Market Intelligence. The maker of enterprise cloud software benefited due to momentum from a strong earnings report at the end of July and from an analyst endorsement at the end of August.

As you can see from the chart below, the stock gain was headed higher over the second half of the month.

TEAM Chart

TEAM data by YCharts

So what

On the last day of trading in July, Atlassian shares jumped 22% after the company smashed estimates, posting revenue growth of 30% to $560 million, well ahead of estimates at $524.1 million. On the bottom line, the company reported an adjusted profit per share of $0.24, edging out the consensus at $0.18.

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