Atlassian and Doximity Just Surged 30% After Earnings: 3 Software Stocks with the Same Setup

It's a great feeling when a stock you own absolutely skyrockets higher after reporting earnings. Two software-as-a-service (SaaS) stocks, Atlassian (NASDAQ: TEAM) and Doximity (NYSE: DOCS), gave their investors something to cheer about when both companies' share prices skyrocketed more than 30% this past Friday, Aug. 7, following their earnings reports.

The two stocks had a few things in common going into the report. They both operate vertical-focused software platforms. In the case of Atlassian, its focus is on enterprise workflows, while Doximity's platform is centered on clinical workflows in the medical field. Both companies had also been widely viewed as potential losers in artificial intelligence (AI), and expectations heading into their earnings reports were pretty low. However, both stocks saw strong adoption of their AI offerings, which helped drive strong results and guidance.

With Atlassian and Doximity already seeing huge gains, let's look at three SaaS stocks that could have similar setups going into their upcoming earnings reports.

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1. GitLab

While GitLab's (NASDAQ: GTLB) business is quite different from Atlassian's, the bear case for both has been quite similar. While Atlassian provides a platform to help enterprise teams collaborate and manage their work, GitLab runs a DevSecOps (development, security, and operations) platform that provides a secure ecosystem for organizations to design software. One of the big risks for both was that AI agents would lead to fewer seat licenses. As a result, both companies shifted toward hybrid consumption- and usage-based models and leaned into their own agentic AI tools.

This should actually be good for GitLab, as agents can generate more code, and it still needs to be written in a secure environment. The company has also been working on tools that make token consumption more efficient, which is something that's becoming highly sought-after as AI expenses rise. At the same time, commentary from Microsoft, which owns code repository GitHub, and JFrog, which plays a complementary role in the DevSecOps sector, could bode well for GitLab when it reports its Q3 results.

If GitLab's transition to a hybrid usage model shows early signs of driving revenue growth, the stock could be off to the races.

2. UiPath

Doximity was highly shorted going into its earnings report, with more than 15% short interest. UiPath's (NYSE: PATH) short interest is even higher, sitting around 25%. The stock is also very cheap, trading at a forward price-to-sales (P/S) ratio of 4 times 2027 analyst estimates and a forward P/E of 16.5. That's just a powder keg ready to explode if the company can deliver a strong report and guidance.

A leader in robotic process automation (RPA), the company's growth has slowed as organizations evaluate the use of software bots in an AI world. However, software bots can be better at deterministic, high-volume tasks, such as data entry or payroll, and they're certainly much cheaper. Meanwhile, UiPath's Maestro solution positions the company to be an agentic AI orchestration platform that can manage both AI agents and software bots with all the compliance and guardrail requirements. If Maestro can start to gain traction with the rise of AI agents and UiPath starts to see its annual recurring revenue growth accelerate, the stock has the potential to see a major pop come earnings time.

3. Asana

Another SaaS stock with low expectations is Asana (NYSE: ASAN). Like Atlassian, it operates a project management software platform, but instead of for IT departments, it is for non-technical teams such as marketing and human resources. The company has been beaten down over fears of slowing seat growth, the threat of AI disintermediation, and competition from Monday.com.

However, the company has been working to pivot away from smaller accounts to high-margin enterprise customers with better pricing. At the same time, it has cut costs and rolled out AI Studio (a no-code agent builder) and AI Teammates, which are autonomous agents that collaborate with entire teams, helping build shared organizational memory across workflows.

Notably, frontier model leader Anthropic has partnered closely with Asana, integrating its Claude AI model directly into AI Studio and AI Teammates to power its agentic reasoning. This partnership shows that foundation model companies like Anthropic view Asana more as a critical workflow layer rather than a target for disintermediation. If its AI add-on solutions can help accelerate revenue growth, the stock has the potential to rocket higher.

Geoffrey Seiler has positions in GitLab and UiPath. The Motley Fool has positions in and recommends Atlassian, Doximity, Microsoft, Monday.com, and UiPath. The Motley Fool recommends GitLab and JFrog. The Motley Fool has a disclosure policy.