Is Atlassian Corp. overvalued or undervalued?

As of 27 October 2016, the valuation grade for Atlassian Corp. moved from very expensive to risky. The company is currently considered overvalued, given its significant negative financial metrics. Key ratios include a Price to Book Value of 41.25, an EV to EBIT of -341.71, and an EV to Sales ratio of 10.99.
In comparison to peers, Atlassian's P/E ratio is -121.16, while Palantir Technologies, Inc. has a P/E of -134.38, and Cadence Design Systems, Inc. stands out with a fair valuation and a P/E of 87.87. The company's recent stock performance has been underwhelming, with a year-to-date return of -20.81%, contrasting sharply with the S&P 500's 2.44% return during the same period, further reinforcing the notion of overvaluation.