Atlassian Stock And 2 Software Picks Shaped By AI Coding Tools

Meta’s big Muse Spark 1.1 upgrade is not just another AI headline; it is a potential shake up for any stock connected to developer tools and software platforms. With Meta pushing a paid coding AI API and signaling even more proprietary AI work ahead, the economics of building, testing, and running software could shift again. This article walks through 3 stocks from our Developer Tools and Software Platforms screener that are directly exposed to this news, helping you consider which business models might benefit most or face new competitive questions as coding AI steps up a gear.

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Atlassian (TEAM)

Overview: Atlassian builds cloud software like Jira, Confluence, Bitbucket, Trello, and newer AI tools such as Rovo that help teams plan projects, track work, share knowledge, and coordinate software development across large organizations.

Operations: Atlassian generates about US$6.2b from Software & Programming, with revenue mainly from the United States (US$2.6b), Other EMEA (US$1.9b), Germany (US$0.7b), Asia Pacific (US$0.7b), and Other Americas (US$0.4b).

Market Cap: US$21.7b

Atlassian sits at the intersection of AI and developer workflows, which is why Meta’s Muse Spark coding push matters. As developers lean into agentic tools, companies still need a central system like Jira and Confluence to coordinate work across humans, code agents, and business teams, and management highlights strong AI usage signals and premium tier adoption. At the same time, Atlassian is still reporting losses and is investing heavily in AI and R&D before fully monetizing those features. The company is also relying on cloud migrations and enterprise deals that can introduce execution risk. With the stock trading on a lower P/S than many software peers and sentiment mixed after index changes and short-seller attention, the full risk reward picture around Atlassian’s AI and cloud engine deserves a closer look.

Atlassian’s AI spend, cloud focus, and lower P/S multiple raise a big question: is the market underpricing its potential or correctly pricing the risks around losses and execution You can weigh that up with the 3 key rewards and 2 important warning signs

Kainos Group (LSE:KNOS)

Overview: Kainos Group is a Belfast headquartered IT services and software company that helps governments, healthcare providers and commercial clients move core processes into the cloud, using its own digital solutions alongside Workday’s finance and HR platforms.

Operations: Kainos generates about £241.7m from Digital Services, £107.6m from Workday Services and £81.7m from Workday Products, with additional revenue from the UK, USA, Central Europe, Canada, Ireland and other markets.

Market Cap: £862.2m

Kainos Group gives you exposure to digital government projects and cloud based Workday deployments at the same time that Meta’s Muse Spark update is putting fresh attention on AI enabled development. The company combines return on equity, earnings and a mix of higher margin software products like Smart Test and compliance tools with a pipeline of public sector and North American work. Set against that are watchpoints, including insider selling, an uneven dividend record and reliance on external funding. How those factors balance out, especially as AI projects scale and new regulations such as pay transparency bite, is an important part of the Kainos story.

Kainos Group sits where public sector digital demand, Workday projects and its own software products meet, yet the full picture of earnings quality, dividend reliability and funding risk is easy to miss. To see how those moving parts fit together, go straight to the 4 key rewards and 2 important warning signs

Intapp (INTA)

Overview: Intapp provides AI powered software for professional and financial services, helping private capital, legal, accounting, consulting and real assets firms manage deals, client relationships, compliance checks, time recording and collaboration across tools like Microsoft 365 and Teams.

Operations: Intapp generates about US$560.3m from Software & Programming, with revenue mainly from the United States (US$382.3m), followed by the United Kingdom (US$88.5m) and the Rest of the World (US$89.6m).

Market Cap: US$2.1b

Intapp stands out in the Developer Tools and Software Platforms screener because it is already selling AI centric products such as Celeste and DealCloud into firms that care deeply about compliance, data security and billable hours. These are exactly the kinds of workflows that Meta’s Muse Spark ambitions are trying to plug into. Analysts expect earnings to grow and move into profit within 3 years. However, the stock is still loss making today, carries funding risk because liabilities are backed by external borrowing, and trades on a P/S that is above software peers even after share price underperformance. If you want to understand whether Intapp’s AI partnerships, vertical focus and share buybacks justify that risk profile, the crucial details sit just below the headlines.

Intapp’s AI story, premium P/S and push into compliance focused workflows could be masking a far more interesting earnings path than many investors realise, and the analyst forecasts for Intapp quietly surfaces a twist that might change how you frame the risk.

The three stocks in this article are only a starting point. The full Developer Tools and Software Platforms screener surfaces 30 more companies that pair meaningful market value and health scores with compelling developer focused stories through the Developer Tools and Software Platforms screener. Unlock deeper context, identify the catalysts that matter, and analyze the narratives around APIs, productivity tools and software platforms inside Simply Wall St so you can focus on the highest conviction ideas in this space.

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Seeking Fresh Alternatives Beyond Developer Tools

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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