Atlassian Corp (NASDAQ:TEAM) shares are trending upward on Thursday.

The move follows strategic cost-cutting measures and a recent workforce reduction. Investors are weighing a 10% cut in the global workforce against long-term AI goals.

• Atlassian stock is trading near recent lows. What’s ahead for TEAM stock?

Wells Fargo Maintains Bullish Stance

Wells Fargo analyst Ryan MacWilliams maintained an Overweight rating on Atlassian on Tuesday. Macwilliams lowered the price forecast from $155 to $120.

AI Shift Triggers Massive Layoffs

The company recently announced it will eliminate roughly 1,600 jobs worldwide. This represents about 10% of its staff. CEO Mike Cannon-Brookes cited the growing influence of artificial intelligence on business operations.

“It would be disingenuous to pretend AI doesn’t change the mix of skills we need,” Cannon-Brookes wrote.

Strategic Leadership and Product Changes

The restructuring includes the departure of CTO Rajeev Rajan on March 31. Atlassian is pivoting toward AI-driven growth.

The company recently acquired The Browser Company and developer platform DX. These tools will integrate into Jira and Bitbucket to enhance automation.

Technical Analysis

Atlassian is trading 2.3% below its 20-day simple moving average (SMA) and 42.5% below its 100-day SMA, keeping the longer-term trend firmly bearish despite Thursday's bounce.

Shares are down 67.52% over the past 12 months and are positioned much closer to their 52-week low of $67.85 than high of $242.

The RSI is at 34.81, which sits in neutral territory. MACD is at -6.8872 versus the signal line at -8.4583.

  • Key Resistance: $85
  • Key Support: $68

TEAM Stock Price Activity: Atlassian shares were up 0.29% at $73.59 at the time of publication on Thursday, according to Benzinga Pro data.

Photo: Shutterstock