Atlassian (TEAM) closed at $137.33 in the latest trading session, marking a +1.19% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.74%. At the same time, the Dow lost 0.9%, and the tech-heavy Nasdaq lost 0.07%.Prior to today's trading, shares of the company had lost 3.65% over the past month. This has lagged the Computer and Technology sector's gain of 6.65% and the S&P 500's gain of 3.74% in that time.Investors will be hoping for strength from Atlassian as it approaches its next earnings release. On that day, Atlassian is projected to report earnings of $0.30 per share, which would represent a year-over-year decline of 40%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $843.91 million, up 22.57% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $1.34 per share and revenue of $3.45 billion, which would represent changes of -20.71% and +23.17%, respectively, from the prior year.Investors should also note any recent changes to analyst estimates for Atlassian. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.21% higher. Atlassian is currently sporting a Zacks Rank of #3 (Hold).Looking at its valuation, Atlassian is holding a Forward P/E ratio of 101.44. For comparison, its industry has an average Forward P/E of 45.48, which means Atlassian is trading at a premium to the group.Investors should also note that TEAM has a PEG ratio of 4.51 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. TEAM's industry had an average PEG ratio of 2.17 as of yesterday's close.The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 60, which puts it in the top 24% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Atlassian Corporation PLC (TEAM): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research