Atlassian Corp ( TEAM ) shares are trending upward on Thursday.

The move follows strategic cost-cutting measures and a recent workforce reduction. Investors are weighing a 10% cut in the global workforce against long-term AI goals.

• Atlassian ( TEAM ) stock is trading near recent lows. What’s ahead for TEAM stock?

Wells Fargo Maintains Bullish Stance

Wells Fargo analyst Ryan MacWilliams maintained an Overweight rating on Atlassian ( TEAM ) on Tuesday. Macwilliams lowered the price forecast from $155 to $120.

AI Shift Triggers Massive Layoffs

The company recently announced it will eliminate roughly 1,600 jobs worldwide. This represents about 10% of its staff. CEO Mike Cannon-Brookes cited the growing influence of artificial intelligence on business operations.

“It would be disingenuous to pretend AI doesn’t change the mix of skills we need,” Cannon-Brookes wrote.

Strategic Leadership and Product Changes

The restructuring includes the departure of CTO Rajeev Rajan on March 31. Atlassian ( TEAM ) is pivoting toward AI-driven growth.

The company recently acquired The Browser Company and developer platform DX. These tools will integrate into Jira and Bitbucket to enhance automation.

Technical Analysis

Atlassian ( TEAM ) is trading 2.3% below its 20-day simple moving average (SMA) and 42.5% below its 100-day SMA, keeping the longer-term trend firmly bearish despite Thursday's bounce.

Shares are down 67.52% over the past 12 months and are positioned much closer to their 52-week low of $67.85 than high of $242.

The RSI is at 34.81, which sits in neutral territory. MACD is at -6.8872 versus the signal line at -8.4583.

Key Resistance: $85

Key Support: $68

TEAM Stock Price Activity: Atlassian ( TEAM ) shares were up 0.29% at $73.59 at the time of publication on Thursday, according to Benzinga Pro data.