1 Super Software Stock Down 58% It Might Be Time to Buy on the Dip
Software companies have grappled with challenging economic conditions over the last 18 months. High inflation and rising interest rates pressured household budgets, and the knock-on effects forced businesses to manage their expenses carefully. That means hiring fewer employees and investing less money in software tools.
Workplace collaboration specialist Atlassian (NASDAQ: TEAM) has felt those effects, and its stock has declined by 58% from its best-ever levels set in 2021. However, the company is using this period to expand its product portfolio through in-house development and acquisition.
On Oct. 12, Atlassian announced plans to acquire video messaging platform Loom for $975 million as it looks to capitalize on remote work trends. The two companies are a great fit, and I'll explain why the deal is another reason to buy Atlassian stock while it's still beaten down.
Source Fool.com
