大摩闭门会：软件行业的未来何在？20260212 2026-02-12 摘要 生成式 AI 冲击导致软件行业估值倍数回落 33%，降至 2016 年来最低， 但基本面未显著恶化，主要担忧源于 AI 创新加速带来的不确定性，推高 折现率。 Palantir 第四季度增速提升至 70%，营业利润率达 57%，预计明年增 速超 60%，得益于其数据本体技术（ontology）和强大的工程部署能 力，赢得工业、油气等行业客户。 数据本体技术对理解数据关系至关重要，需要深厚领域知识和定制化服 务，Palantir 在该领域处于领先地位，Snowflake 和 Salesforce 等也 在探索。 Atlassian 自由现金流倍数约为 14 倍，估值较低，但股价受市场风险偏 好影响，需关注其长期战略执行力和竞争优势。 "AI 即软件"观点认为 AI 是软件的演进性变革，大语言模型是软件能力 的重大突破，本质上仍是自动化工作流程的软件。 现有软件厂商在竞争中作用广泛，因其维护、安全保障等长期成本优势， 且能快速追随 AI 技术，整合到现有工作流程中。 软件行业企业价值/销售额倍数已接近 2014-2016 年水平，需关注 ...

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Atlassian Corporation - TEAM [Accessibility Statement] Skip NavigationNEW YORK, Feb. 12, 2026 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Atlassian Corporation ("Atlassian" or the "Company") (NASDAQ: TEAM). Such investors are advised to contact Danielle Peyton at [[email protected]] or 646-581-9980, ext. 7980.The investigation concerns whether Atlassian and certain of its officers and/or dire ...

Core Viewpoint - Atlassian Corporation (NASDAQ:TEAM) is considered one of the most oversold stocks on NASDAQ, with various analysts adjusting their price targets while maintaining positive ratings, indicating a belief in the company's solid fundamentals despite sector challenges [1][2][3]. Group 1: Price Target Adjustments - Citi adjusted the price target for Atlassian to $160 from $210, citing "sector turmoil" but maintaining a Buy rating due to sound fundamentals [1]. - Morgan Stanley revised the price target to $290 from $320, keeping an Overweight rating, noting no signs of AI disruption in fiscal Q2 and highlighting positive momentum in Atlassian's AI initiatives [2]. - Bernstein also lowered the price target to $290 from $304 while maintaining an Outperform rating, indicating a good fiscal Q2 performance but acknowledging near-term operational complexities related to GenAI concerns [3]. Group 2: Company Overview - Atlassian Corporation specializes in team collaboration and productivity software, offering products such as Jira Software, Confluence, Jira Service Management, and Loom [4].

We're a little over a month into 2026, and the S&P North American Technology Software Index is already down 20%. Investors are panicking about the potential impacts of artificial intelligence (AI), which could render many enterprise software tools obsolete because it allows businesses to rapidly build their own internally. Atlassian (NASDAQ: TEAM) sells a portfolio of software products designed to help organizations improve productivity by facilitating collaboration between employees, and by streamlining ...

Core Viewpoint - Atlassian Corporation (NASDAQ:TEAM) is recognized as one of the best beaten-down growth stocks to buy, despite a slight reduction in its target price by Bernstein due to concerns over the impact of artificial intelligence on the company [1]. Financial Performance - Atlassian's Q2-2026 results showed a revenue growth acceleration to 23.3% year-over-year, reaching a total quarterly revenue of $1.59 billion, up from 20.6% in Q1-2026 [2]. - The data center and marketplace segments contributed significantly to this acceleration, with growth rates of 20.4% (up from 11.0% in Q1-2026) and 9.1% (up from 3.3% in Q1-2026) year-over-year, respectively. The cloud segment maintained steady growth at 26.0% year-over-year [2]. Future Guidance - Following the strong performance in Q2, Atlassian's management has raised its revenue growth guidance for FY2026 to an average of approximately 22%, with specific segment expectations of 24.3% for Cloud, 20.0% for Data Center, and 6.0% for Marketplace [3]. Company Overview - Atlassian Corporation is a software-as-a-service company specializing in team collaboration and productivity software, including products like Jira, Confluence, and Loom. The company is headquartered in San Francisco, California, and was founded in October 2002 by Michael Cannon-Brookes and Scott Farquhar [4].

以下文章来源于美股投资网 ，作者StockWe.com 美股投资网 . 美国洛杉矶投资公司，TradesMax.com为美股投资者提供美股行情和投资策略的专业网站。一支有着多年华尔街投资银行工作经验的美籍分析师团 队，提供公司研究报告、美股交易技巧、美股软件、美股开户指南、微信客服niugu88，微博美股投资网 来源 | 美股投资网 周二美股市场呈现明显内部轮动格局：标普500下跌约0.3%，而道指在几只权重股支撑下微涨约0.1%，再度刷新历史高点。 值得注意的是等权重标普指数同样走高创纪录，而标普500中约300只个股上涨，表明市场从"少数大牛领涨"正在转向更广泛的行业参 与。 这个内部差异反映出本轮行情的结构性特征：在主板指数仍受权重股支撑的同时，中小盘及非科技类标的正在吸引资金轮动。 零售数据失速 美国商务部公布的12月零售销售环比基本持平，远低于市场预期的0.4%增长，前值亦大幅高于此。 剔除汽车和加油站后的核心零售销售甚至出现下降，显示消费者在假日季末的支出动能明显放缓，而用于GDP计算的关键控制组数据也 不如预期。 整体零售数据弱于预期，反映出假期消费势头在尾段已显疲弱。 这份报告令市场重新审视消 ...

Core Viewpoint - Software stocks have experienced a significant sell-off, but not all are considered good investment opportunities, with specific recommendations for buying and avoiding certain stocks [1][2]. Group 1: Axon Enterprise (Buy Recommendation) - Axon Enterprise has seen its stock decline approximately 50% from its peak six months ago and 25% from two weeks ago, making it a potential buy [4]. - The company combines hardware and software, creating a resilient ecosystem that retains customers, particularly law enforcement agencies, which are less likely to develop custom AI software [5][7]. - Axon is expected to grow rapidly, with projected revenue growth of 31% for 2025, reaching $2.74 billion, despite a high price-to-sales ratio of 14 [8]. Group 2: Atlassian (Avoid Recommendation) - Atlassian has a large customer base, including over 350,000 customers and 80% of the Fortune 500, but its stock has dropped 72% over the past year due to AI-related fears [9][10]. - The company reported a 23% revenue growth to $1.6 billion in the fiscal second quarter, but it has been GAAP unprofitable for the last 10 years, raising concerns about its long-term viability [10][14]. - Atlassian's products are seen as vulnerable to AI disruption, and the company has been heavily reliant on share-based compensation, which could dilute shareholder value [13][15].

Atlassian Corporation (NASDAQ:TEAM) is one of the software stocks that Jim Cramer named as potential undervalued buys. Cramer highlighted why the stock has been “obliterated,” as he remarked: Now, a little more controversial. Let’s talk Atlassian, symbol TEAM, another collaboration software firm, mainly aimed at software developers. Because they make software for coders, and coding jobs are under threat from AI, the stock’s been obliterated, down over 70% from its 52-week high. But when Atlassian reported ...

February 8, 2026 03:47 PM GMT Software | North America Software Gut Check – AI IS Software Peak uncertainty has severely impacted Software multiples, as investor worry about potential AI impacts. GenAI fundamentally expands the capabilities of enterprise software – presenting opportunities along with risks, with the pullback giving attractive entry points in well positioned incumbents. Key Takeaways Setting the Stage – The AI Opportunity in Software. Generative AI represents the continuing expansion of what ...

摩根士丹利认为，软件估值的大幅回调已经在九家主要科技公司中创造了买入机会，他们认为市场对生成式AI颠覆的担忧已经过度。 微软 被描述为"明确参与最重要创新周期的公司"，而财捷集团的估值被标记为"非常具有吸引力"。与此同时，Salesforce的AI相关年度经常性 收入同比增长114%。Shopify被视为"最有能力在不断扩大的在线商务蛋糕中获取超过其公平份额的公司"。 该银行表示，生成式AI代表了一个重要的长期机遇，估计到2028年，它可能为"更广泛的企业软件总可寻址市场增加约4000亿美元"。 Weiss补充道："底线是： 问题不在于软件最终是否会在这个创新周期中实现货币化，而在于谁将参与其中。 " 他补充说，"在约4.4倍企业价值/销售额的水平上，平均软件估值倍数已回到上次公共云高度不确定性时期的范围。" 该分析师指出，投资者低估了现有供应商从AI采用中受益的能力。 根据该报告，"关于生成式AI的悲观论点似乎对现有软件供应商参与这一创新周期的能力给予了太少的信任。" 摩根士丹利强调了 微软 、 财捷集团 、 Salesforce 、 ServiceNow 、 Atlassian 、 Snowflake 、 ...