Interesting note: Atlassian stock (NASDAQ: TEAM) is up 4% as of noon today.
It might be a good short opportunity... I imagine a lot of customers are kicking off their own internal process for migrating away from JIRA. By the time they actually do, it'll be at least a couple of quarters from now, which is when the customer hit will start materializing in quarterly results for the company. Maybe time to throw a few chips at some long term puts?
That might look like incompetence, but I think it’s confidence. They know the switching costs for large orgs are so high they can treat these people like trash and few if any will leave. I wouldn’t be surprised if the total number of seats among affected customers has gone up in a few months. By failing to acknowledge the problem they’ve kept it out of the mainstream media and financial press.
They have their customers by the balls and don’t respect them. That’s a short term bullish signal to me.