5 Best Software Application Stocks to Buy Now

3. Atlassian Corp. (NASDAQ:TEAM)

Atlassian Corp. (NASDAQ:TEAM) is one of the 11 best software application stocks to buy now.

As of the March 18 closing, consensus sentiment for Atlassian Corp. (NASDAQ:TEAM) was strongly bullish. The stock received coverage from 22 analysts, 19 of whom assigned Buy ratings and 3 of whom gave Hold ratings. With no Sell rating, it has a projected median 1-year price target of $163.40, implying upside potential of more than 115% for investors.

On March 16, BNP Paribas initiated its coverage of Atlassian Corp. (NASDAQ:TEAM). The firm assigned an Outperform rating to the stock and estimated a target price of $95. This results in an upside potential of almost 27% at the prevailing level.

Earlier on March 5, Wells Fargo reflected on OpenAI’s preview release of its Symphony framework. The firm highlighted companies like Atlassian Corp. (NASDAQ:TEAM) and Linear, which are well-positioned to benefit from the framework, given their control over workflow processes such as approvals and tracking. The firm stated:

“Rather than replacing these systems, Symphony illustrates how AI can be embedded within them as an extension of existing workflow control.”

Comments from Wells Fargo clearly indicate how AI can be embedded into existing platforms as an extension of workflow control, enabling more seamless integration of AI-driven decision-making within current enterprise tools.

Atlassian Corp. (NASDAQ:TEAM) delivers collaboration, project management, and IT service tools that help enterprises in integrating their teams through a subscription-based model. Some of its offerings include Jira, Confluence, Trello, and Loom. The company covers a broad set of solutions such as project management, document sharing, video communication tools, service management, and Chat & Agent capabilities.