Atlassian's Strategic Loom Acquisition Could Be A Game-Changer for Collaborative Workflows, Analysts Say
Portfolio Pulse from Anusuya Lahiri
Atlassian Corp (NASDAQ:TEAM) has announced an agreement to acquire video messaging platform Loom for $880 million in cash and $95 million in vesting equity. The acquisition will be funded with Atlassian's existing cash balance and will not impact its share repurchase strategy. Analysts from Canaccord Genuity and Mizuho have reiterated a Buy rating on Atlassian, with price targets of $230 and $240 respectively. The integration of Loom into Atlassian's platform is expected to enhance its collaborative workflows.
October 13, 2023 | 7:25 pm
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Atlassian's acquisition of Loom is expected to enhance its collaborative workflows. The acquisition is viewed positively by analysts, who have reiterated a Buy rating on the company.
The acquisition of Loom is expected to enhance Atlassian's collaborative workflows, which is likely to increase its appeal to customers and potentially boost its revenues. This is reflected in the Buy ratings reiterated by analysts from Canaccord Genuity and Mizuho.
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