10 Best Beaten Down Technology Stocks to Buy According to Analysts

6. Atlassian Corp (NASDAQ:TEAM)

Year to Date Performance: -34.11%

Stock Upside Potential: 50.17%

Number of Hedge Fund Holders: 64

Atlassian Corp (NASDAQ:TEAM) is one of the best beaten-down technology stocks to buy, according to analysts. On September 24, analysts at Bernstein SocGen Group reiterated an ‘Outperform’ rating on the stock and a $296 price target.

While the bullish stance comes on the stock pulling back by about 34% year to date, Bernstein SoGen remains bullish about the company’s prospects, owing to its impressive gross profit margins of 83%. According to the research firm, the $610 million acquisition of The Browser Company and the $1 billion investment in DX underscore the company’s focus on growth.

The research firm expects the acquisition to strengthen Atlassian’s cloud platform and enhance its innovation plans. Mike Cannon-Brookes, Atlassian’s CEO and co-founder, has already reiterated that the Browse Co acquisition will enable the company to reimagine the standard browser, making it more useful for work rather than just browsing.

“Together, we’ll create an AI-powered browser optimized for the many SaaS applications living in tabs – one that knowledge workers will love to use every day,” Cannon-Brookes said.

Atlassian Corp (NASDAQ:TEAM) designs, develops, and sells software for team collaboration, project management, and software development to help teams organize, discuss, and complete work. Its products include project management platforms like Jira and Trello, a knowledge-sharing tool called Confluence, and code management software like Bitbucket.