Group 1 - Atlassian Corporation is known for its software development and project management tools, including Jira, which is widely used in office software environments [1] - The company has established a strong presence in the market with its suite of products that cater to various project management needs [1] Group 2 - The article does not provide specific financial data or projections related to Atlassian Corporation or its products [2][3] - There are no detailed insights into the company's performance metrics or market position in the current context [2][3]

Core Viewpoint - Wall Street analysts believe Upstart Holdings and Atlassian are undervalued, predicting significant gains for shareholders in the coming years, despite their recent stock declines [1]. Group 1: Upstart Holdings - Upstart is an AI lending platform that enhances credit risk assessment by analyzing over 2,500 variables, unlike traditional systems that rely on FICO Scores [4]. - The highest target price for Upstart is set at $80 per share, indicating a potential upside of 70% from its current price of $47 [5]. - Upstart's third-quarter financial results showed a 71% increase in total revenue to $277 million, with non-GAAP net income rising to $0.52 per diluted share from a loss of $0.06 per share last year [7]. - Wall Street anticipates Upstart's adjusted earnings to grow at an annual rate of 51% through 2026, making its current valuation of 33 times earnings appear reasonable [8]. Group 2: Atlassian - Atlassian is known for its work management software, particularly Jira, which is widely used across both technical and non-technical departments [9]. - The highest target price for Atlassian is set at $320 per share, suggesting a potential upside of 100% from its current price of $160 [5]. - Atlassian's first-quarter fiscal 2025 results reported a 21% revenue increase to $1.4 billion, with non-GAAP earnings rising 35% to $1.04 per diluted share [13]. - Wall Street expects Atlassian's adjusted earnings to grow at 22% annually through June 2027, with a current valuation of 41 times earnings considered reasonable [14].

Core Insights - Figma (FIG) shares have declined by 29.8% over the past three months, underperforming the Zacks Internet - Software industry's decline of 12.5% [1][4] - Despite the decline, FIG stock is trading at a premium with a forward 12-month Price/Sales ratio of 12.85X compared to the Computer and Technology sector's 4.92X [4] - Figma's non-GAAP operating profit decreased by 28.9% year over year to $34.02 million, with the operating profit margin contracting from 24% to 12% [6] Company Performance - Figma's customer base has grown to 540,000 paid customers, driven by new product launches and strong enterprise adoption [4][11] - The company added over 90,000 paid teams in just two quarters, indicating robust growth despite competitive pressures [11][13] - Figma's net dollar retention rate for customers spending $10,000 or more annually was 131% in the third quarter of 2025 [11] Competitive Landscape - Figma faces significant competition from established players like Adobe, Microsoft, and Atlassian, which are enhancing their offerings with AI features [7][9] - Adobe's Firefly and Microsoft Copilot are contributing to their growth, impacting Figma's market share [7] - Atlassian is integrating generative AI features into its collaboration software, further intensifying competition [9] Product Development - Figma launched four new products in early 2025, including Figma Make, Figma Draw, Figma Sites, and Figma Buzz, effectively doubling its product offerings [13] - Approximately 30% of customers spending $100,000 or more in annual recurring revenue were using Figma Make weekly by the end of September [14] - The introduction of the Dev Mode MCP server aims to enhance developer workflows by integrating Figma Design context into various platforms [14] Investment Outlook - Given the stock's slump, premium valuation, margin pressures, and rising competition, the near-term upside for Figma remains uncertain [15] - However, strong customer growth and product adoption indicate resilience, leading to a recommendation to hold the stock for now [15]

Core Insights - The interview features Mike Cannon-Brookes, co-founder and CEO of Atlassian, discussing the company's evolution, its innovative business model, and the impact of AI on its future [1][2]. Company Background - Atlassian was founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, initially launching with Jira, a project and issue-tracking tool, followed by Confluence, a team collaboration platform [1][2]. - The company has transitioned from downloadable software to a cloud-based model and is now focusing on AI integration [1][2]. Business Model and Strategy - Atlassian's self-serve business model was shaped by the absence of venture capital, allowing the company to grow organically [2][36]. - The company initially focused on providing software that could sell itself, requiring low prices and a fully installable offering to build trust with customers [36][38]. - Atlassian's revenue grew significantly from $800,000 in its first year to $12 million in its fourth year, indicating a successful business model [46]. Product Development and Evolution - The company started with a focus on Jira, which evolved from a bug tracker to a business workflow tool used by millions [23][24]. - The launch of Confluence in 2004 marked a significant moment, allowing Atlassian to diversify its product offerings and reduce risk by having multiple products [46][57]. - Atlassian's products are now used by a wide range of industries, with less than half of its users being in technology teams, highlighting the company's broad market appeal [65]. AI Integration - The company has been utilizing machine learning for a long time and views the recent advancements in AI, particularly LLMs, as a major opportunity for enhancing its business [78]. - Cannon-Brookes believes AI will serve as a force multiplier for human creativity and problem-solving, ultimately improving the quality of technology produced [81].

Core Insights - Figma and Atlassian are key players in the collaboration software market, with Figma focusing on design collaboration and Atlassian on project management and team productivity [1][2] Industry Overview - The global enterprise collaboration market was valued at $54.67 billion in 2024 and is projected to reach $107.03 billion by 2030, growing at a CAGR of 12.1% from 2025 to 2030 [2] Figma (FIG) Analysis - Figma is integrating AI into its workflows, notably through the launch of Figma Make, which allows users to create prototypes and web apps using text prompts. By the end of September, about 30% of customers spending over $100,000 in annual recurring revenues were using Figma Make weekly [3] - As of September 30, 2025, Figma had 12,910 paid customers with over $10,000 in annual recurring revenues and 1,262 customers with over $100,000 in ARR. The net dollar retention for paid customers with more than $10,000 in ARR increased to 131%, up 2 percentage points sequentially [4] - Figma announced a partnership with OpenAI to launch the Figma App for ChatGPT, enabling users to convert conversations into diagrams and charts that can be shared and edited in Figma [5] Atlassian (TEAM) Analysis - Atlassian is enhancing its collaboration software with generative AI features, collaborating with OpenAI to improve Confluence, Jira Service Management, and other programs [6] - The company has signed over 500 customers spending more than $1 million annually, indicating strong enterprise penetration, particularly among Fortune 500 companies and leading banks [7] - In August 2025, Atlassian announced a multi-year partnership with Google Cloud to integrate its AI-powered teamwork platform onto Google's AI-optimized infrastructure [8] - In the first quarter of fiscal 2026, Atlassian integrated AI into its platform, with over 3.5 million monthly active users leveraging AI-powered tools, showing a growth of more than 50% since the last quarter [9] Stock Performance - In the past month, FIG shares have decreased by 35.4%, while TEAM shares have lost 10.9%. The performance difference is attributed to the rising demand for remote working tools and digital transformation [11] - FIG shares are currently trading at a forward Price/Sales ratio of 11.33X, higher than TEAM's 5.71X, indicating that both stocks are overvalued [14] Earnings Estimates - The Zacks Consensus Estimate for FIG's 2025 earnings is 41 cents per share, reflecting a 26.8% increase over the past 30 days and a year-over-year increase of 110.96% [16] - The Zacks Consensus Estimate for TEAM's fiscal 2026 earnings is $4.70 per share, which has increased by 12.9% over the past 30 days, indicating a year-over-year increase of 27.72% [16] Conclusion - Both Figma and Atlassian are positioned to benefit from the growing collaboration market, but Atlassian currently shows greater upside potential due to deeper enterprise penetration and stronger AI adoption [19] - Figma's growth prospects are considered modest, and its investments in AI-powered products may negatively impact margin expansion in the near term [19] - Atlassian holds a Zacks Rank 2 (Buy), while Figma has a Zacks Rank 3 (Hold), suggesting a stronger investment case for Atlassian [20]

Core Insights - GitLab and Atlassian are pivotal in the enterprise DevSecOps and software workflow landscape, aiding engineering teams in planning, building, securing, and shipping software at scale as AI transforms code management [1][2] - The DevSecOps market is projected to grow from $10 billion in 2025 to $37 billion by 2035, with a CAGR of 14%, indicating a shift towards secure, integrated, automation-heavy DevOps tools [2] GitLab Overview - GitLab offers a unified, security-native DevSecOps platform that integrates source code, CI/CD automation, vulnerability scanning, policy enforcement, and deployment into a single environment, addressing multi-tool sprawl [4][5] - The platform's AI integration enhances automation, contextual code suggestions, and security remediation within CI/CD pipelines, reducing manual steps and accelerating secure releases [5][6] - GitLab's fiscal 2026 EPS is estimated at 83 cents, reflecting a 12.16% year-over-year increase, driven by rising demand for integrated DevSecOps automation [6] Atlassian Overview - Atlassian provides a complementary approach to DevSecOps, focusing on coordination, governance, and workflow orchestration through tools like Jira, Bitbucket, and Confluence [7][8] - Recent AI enhancements in Atlassian's tools improve issue detection, workflow optimization, and auditability, which are crucial for maintaining governance in fast-paced development cycles [9][10] - The fiscal 2026 EPS estimate for Atlassian is $4.70, indicating a 27.72% year-over-year increase, showcasing its role as a governance backbone in modern DevSecOps [10] Performance Comparison - Year-to-date, GitLab shares have declined by 24.5%, while Atlassian shares have dropped by 40.8%, indicating steadier demand for GitLab's security-native platform compared to Atlassian's broader suite [11] - GitLab trades at a forward price-to-sales ratio of 6.5X, slightly above Atlassian's 5.64X, reflecting its focused approach to end-to-end DevSecOps and stronger AI monetization potential [14] Conclusion - Both GitLab and Atlassian benefit from the increasing adoption of DevSecOps, but GitLab's unified architecture and deeper AI integration provide a competitive edge in the current market [18]

Core Insights - Figma is experiencing significant growth due to an expanding clientele and a focus on AI-native workflows and product innovation [1][3] - The introduction of Figma Make, an AI-powered tool, has contributed to increased customer engagement, with 30% of high-spending customers using it weekly [2][4] Customer Growth and Retention - In Q3 2025, Figma added over 90,000 paid teams, reaching a total of 540,000 paid customers, driven by new product adoption [3][9] - As of September 30, 2025, Figma had 12,910 customers with over $10,000 in annual recurring revenue (ARR) and 1,262 customers with over $100,000 in ARR [4][9] - The net dollar retention rate for customers with over $10,000 in ARR increased to 131%, reflecting strong customer adoption of new products [4][9] Competitive Landscape - Figma faces intense competition from Adobe and Atlassian, both of which are enhancing their AI capabilities and expanding their customer bases [5][6] - Adobe's partnership with Google Cloud aims to integrate advanced AI models into its creative ecosystem, enhancing its offerings [5] - Atlassian's collaboration with Google Cloud focuses on integrating generative AI features into its software, which is expected to drive revenue growth [6] Stock Performance and Valuation - Figma's stock has declined by 50.4% over the past three months, contrasting with a 10.9% increase in the broader Zacks Computer & Technology sector [7] - The forward 12-month Price/Sales ratio for Figma is 12.17X, significantly higher than the sector average of 6.63X, indicating a premium valuation [10] - The Zacks Consensus Estimate for Figma's 2025 earnings is 41 cents per share, reflecting a 110.96% increase from the previous year [12]

Core Insights - Atlassian is a software company focused on developing collaboration tools for project and IT service management, with well-known products like Confluence, Jira, and Trello that enhance team collaboration globally [1] Company Overview - Atlassian operates primarily in the software sector, providing tools that facilitate project management and information technology service management [1] - The company's products are designed to improve collaboration and efficiency among teams worldwide [1] Market Position - Atlassian's tools are widely recognized and utilized by teams across various industries, indicating a strong market presence and brand recognition [1]

Core Insights - GitLab has developed a comprehensive AI-native DevSecOps platform that integrates code creation, testing, and security into a single automated environment, enhancing efficiency and security for enterprises [1] - The company is experiencing consistent business growth, with fiscal Q3 revenue estimates at $238.61 million, reflecting a 21.7% year-over-year increase, and a robust enterprise adoption with a 20% increase in high-value customers [2] - GitLab's future growth is contingent on effectively scaling its DevSecOps capabilities, particularly through the Duo Agent Platform and partnerships with major cloud providers [3] Business Expansion - GitLab's fiscal Q3 revenue is projected at $238.61 million, indicating a 21.7% increase year-over-year [2][7] - The number of customers generating over $100,000 in annual recurring revenue is expected to reach 1,372, a 20% increase year-over-year, supported by a dollar-based net retention rate of 120% [2] Competitive Landscape - GitLab faces significant competition, particularly from Microsoft, which is enhancing its offerings through GitHub and Azure DevOps, and from Atlassian, which is expanding its influence with tools like Jira and Bitbucket [4] - The competitive environment is intensifying as both Microsoft and Atlassian integrate advanced security features into their platforms [4] Valuation and Stock Performance - GitLab's shares have declined by 17.6% year-to-date, contrasting with a 26.9% return in the broader Zacks Computer & Technology sector [5] - The stock is trading at a forward Price/Sales ratio of 7.13, higher than the sector average of 6.88, indicating a premium valuation [8] - The Zacks Consensus Estimate for fiscal 2026 earnings is 83 cents per share, reflecting a 12.16% year-over-year increase [10]

Core Insights - The article addresses the challenges faced by CIOs and IT decision-makers in choosing between feature-rich public cloud solutions and secure private tools, emphasizing the need for a clear evaluation framework to guide strategic decisions [1][2]. Evaluation Framework - Four core dimensions are proposed for evaluating project management tools: data sovereignty and controllability, compatibility with domestic innovation (信创), deployment flexibility and cost, and system integration and scalability [6][2]. Product Analysis - Each of the ten products is analyzed based on the established evaluation framework, ensuring a neutral and factual comparison without disparaging any solution [2]. Market Trends - By 2025, the market is expected to see a rise in private solutions like ZenTao in sectors with strict data security requirements, while AI integration will become increasingly important [4][46]. Industry-Specific Insights - Financial services may prioritize data sovereignty, while manufacturing may focus on integration capabilities, indicating that the evaluation framework's weight can be adjusted based on industry needs [2][6]. ZenTao Overview - ZenTao is an open-source project management software originating from China, supporting agile development and waterfall models, with a focus on private deployment and lightweight architecture [3]. ZenTao's 2025 Outlook - ZenTao is predicted to gain market share in government and enterprise sectors due to its strong alignment with domestic security requirements, although it needs to enhance AI integration to keep pace with technological trends [4][46]. ByteDance Collaboration Tool Overview - ByteDance's collaboration platform integrates project management, instant messaging, and calendar functions, primarily as a SaaS offering [9]. ByteDance's 2025 Outlook - The platform is expected to deepen its penetration in the internet industry but may face challenges related to hybrid deployment demands [10][46]. Microsoft Project Overview - Microsoft Project is a long-established project management software that supports both desktop and cloud versions, deeply integrated with the Office ecosystem [32]. Microsoft Project's 2025 Outlook - It is anticipated to maintain stability in the enterprise market but may face pressures from cloud transformation trends [33][46]. Conclusion - The article concludes that the selection of project management software in 2025 will focus more on strategic alignment rather than mere functionality, urging decision-makers to use the proposed framework for informed choices [53][46].