--- title: "Atlassian guides the year to 13.75% after a 24% quarter as Farquhar sells and Cannon-Brookes buys $250 million" description: "The 24% September quarter and the 13.75% full-year guide describe different businesses: one migrates old customers off Data Center, the other sells more seats and Collections into existing accounts. Scott Farquhar is selling shares while Mike Cannon-Brookes buys, and the December-quarter report decides which business owns the stock." publisher: "The Inference" section: "Platforms" published: 2026-11-10T15:17:04.770Z modified: 2026-11-10T15:17:04.770Z canonical: https://theinference.org/article/atlassian-guides-the-year-to-13-75-after-a-24-quarter-as-farquhar-sells-and-cannon-brookes-buys-250-million language: en keywords: "Atlassian, Earnings, Analyst Calls, Insider Trades, SaaS" --- # Atlassian guides the year to 13.75% after a 24% quarter as Farquhar sells and Cannon-Brookes buys $250 million > The 24% September quarter and the 13.75% full-year guide describe different businesses: one migrates old customers off Data Center, the other sells more seats and Collections into existing accounts. Scott Farquhar is selling shares while Mike Cannon-Brookes buys, and the December-quarter report decides which business owns the stock. [Atlassian](https://theinference.org/markets/companies/atlassian) printed a 24% quarter and then guided the year to 13.75% [3][2][3]. That gap, not the beat, is what the stock is now pricing: the shares closed at $153.68 the day after the report [3], and the following week went to the founders trading in opposite directions and to [Citi](https://theinference.org/markets/companies/citigroup) trimming its target rather than its rating [2][3]. The 31% cloud quarter was carried by accounts Atlassian already had: more seats, upgrades to bundled Collections, and migrations off the self-hosted Data Center product [1]. Those are two different businesses wearing one headline. The migration business shrinks by design; the expansion business is the one that has to grow fast enough to cover it. ## The expansion engine is real but must outrun the shrinking migration pool The expansion evidence is genuine: Teamwork Collection customers rose sevenfold past 3,000, contracted revenue not yet recognized grew 44% to $4.7 billion, and Atlassian sits in 85% of the Fortune 500, which the CFO said is only about 10% of revenue, with [Infosys](https://theinference.org/markets/companies/infosys), [SAP](https://theinference.org/markets/companies/sap), [Workday](https://theinference.org/markets/companies/workday) and Westpac all expanding [1]. But [the CFO also said](https://businessofgtm.com/articles/atlassian-cloud-growth-existing-accounts) Data Center migrations added mid-to-high single digits to cloud growth from a pool that shrinks as it completes, and that subscription ARR, $6.81 billion this quarter, will slow over the next three quarters [1]. Strip the migration lift out and cloud still grew in the low-to-mid twenties by Business of GTM's estimate [1]. That is the real question for the SaaSpocalypse camp: whether AI compresses seats faster than bundling Collections inside existing accounts offsets it. *Chart: **Atlassian's total growth swung from 14% to 32% and back to 24% in two years** Line chart of Atlassian's year-over-year total revenue growth across twelve quarters, from 21.5% in the December 2023 quarter to a peak of 31.7% in the March 2026 quarter and 23.7% in the September 2026 quarter.* *Total revenue growth year over year, by calendar quarter, from Atlassian's SEC filings. Atlassian's fiscal year ends in June, so its fiscal first quarter is the September quarter. Source: Atlassian SEC filings [4]. [4]* ## The founders voted with their filings [Scott Farquhar](https://theinference.org/markets/people/scott-farquhar), Atlassian's former co-CEO, [filed to sell 3,393,500 class-A shares](https://theinference.org/article/atlassian-founders-split-farquhar-files-to-sell-526-million-cannon-brookes-to-buy-up-to-250-million), spread out to December 2027; Mike Cannon-Brookes, the other co-founder and current CEO, is buying about $250 million of stock, [per SEC filings](https://thenightly.com.au/business/atlassian-co-founder-scott-farquhar-to-sell-nearly-34-million-shares-in-technology-company-c-23142842) [2]. The SaaSpocalypse sell-off has hit Atlassian, [Adobe](https://theinference.org/markets/companies/adobe), Xero and WiseTech [2]. A founder selling for diversification while his partner buys is noise next to the numbers, but it is the week's only other news, and it cuts both ways. ## What the December-quarter report has to show Cloud needs to land near the 27% Q2 guide, and ARR needs to decelerate no faster than Atlassian promised when the report arrives in late January [1]. [Citi kept its Buy and cut its target to $220 from $245](https://www.tradingview.com/news/tradingview:86601b8549510:0-citigroup-maintains-atlassian-at-buy-lowers-price-target-to-220-from-245/) against that $153.68 close; the 30-day target range runs $190 to $240 [3]. The analysts are underwriting the expansion business. The December print is where they find out if they were right. *Chart: **Analyst targets run $190 to $240 against a $153.68 close** Bar chart of six recent analyst price targets for Atlassian from $190 to $240, each well above the November 6 close of $153.68, which is shown as a muted bar.* *Most recent analyst price targets on Atlassian, US dollars, versus the November 6, 2026, close. Source: TradingView/Benzinga [3]. [3]* Sources: 1. Business of GTM, Atlassian's 31% Cloud Growth Leaned on Accounts It Already Had, November 6, 2026 — https://businessofgtm.com/articles/atlassian-cloud-growth-existing-accounts 2. The Nightly, Atlassian co-founder Scott Farquhar to sell nearly 3.4 million shares in technology company, November 10, 2026 — https://thenightly.com.au/business/atlassian-co-founder-scott-farquhar-to-sell-nearly-34-million-shares-in-technology-company-c-23142842 3. TradingView, Citigroup maintains Atlassian at Buy, lowers price target to $220 from $245, November 10, 2026 — https://www.tradingview.com/news/tradingview:86601b8549510:0-citigroup-maintains-atlassian-at-buy-lowers-price-target-to-220-from-245/ ## Takeaway The 13.75% full-year guide, not the 24% quarter, is what Atlassian's stock now prices; the late-January report settles which business owns the stock. ## Sources 1. [Business of GTM, Atlassian's 31% Cloud Growth Leaned on Accounts It Already Had, 6 November 2026](https://businessofgtm.com/articles/atlassian-cloud-growth-existing-accounts) 2. [The Nightly, Atlassian co-founder Scott Farquhar to sell nearly 3.4 million shares in technology company, 10 November 2026](https://thenightly.com.au/business/atlassian-co-founder-scott-farquhar-to-sell-nearly-34-million-shares-in-technology-company-c-23142842) 3. [TradingView, Citigroup maintains Atlassian at Buy, lowers price target to $220 from $245, 10 November 2026](https://www.tradingview.com/news/tradingview:86601b8549510:0-citigroup-maintains-atlassian-at-buy-lowers-price-target-to-220-from-245/) 4. [Atlassian, quarterly figures from its SEC filings, retrieved 10 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001650372) --- Atlassian guides the year to 13.75% after a 24% quarter as Farquhar sells and Cannon-Brookes buys $250 million — The Inference. Canonical: https://theinference.org/article/atlassian-guides-the-year-to-13-75-after-a-24-quarter-as-farquhar-sells-and-cannon-brookes-buys-250-million