Short Interest in Atlassian Co. (NASDAQ:TEAM) Declines By 14.8%

Atlassian Co. (NASDAQ:TEAM) was the recipient of a significant decline in short interest during the month of February. As of February 15th, there was short interest totalling 3,570,000 shares, a decline of 14.8% from the January 31st total of 4,190,000 shares. Based on an average daily volume of 1,940,000 shares, the short-interest ratio is presently 1.8 days.

Insiders Place Their Bets

In other news, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $269.35, for a total transaction of $2,140,793.80. Following the completion of the transaction, the director now directly owns 111,272 shares of the company’s stock, valued at approximately $29,971,113.20. This represents a 6.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $254.76, for a total value of $387,235.20. Following the completion of the sale, the president now owns 211,991 shares of the company’s stock, valued at approximately $54,006,827.16. This trade represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 264,553 shares of company stock valued at $72,913,406 over the last 90 days. Insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Several institutional investors have recently made changes to their positions in TEAM. Murphy & Mullick Capital Management Corp purchased a new stake in Atlassian during the fourth quarter worth approximately $27,000. Colonial Trust Co SC grew its stake in shares of Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after acquiring an additional 69 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Atlassian during the fourth quarter worth about $38,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Atlassian in the fourth quarter worth about $39,000. Finally, Avion Wealth boosted its holdings in Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after purchasing an additional 157 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TEAM shares. JMP Securities reissued a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. StockNews.com cut Atlassian from a “buy” rating to a “hold” rating in a research report on Tuesday. UBS Group increased their price objective on shares of Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Mizuho boosted their target price on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. Finally, Truist Financial reiterated a “buy” rating and set a $350.00 price target (up previously from $300.00) on shares of Atlassian in a research note on Friday, January 31st. Nine analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $319.71.

Atlassian Stock Performance

NASDAQ:TEAM opened at $276.73 on Thursday. The firm’s fifty day simple moving average is $276.41 and its 200-day simple moving average is $230.96. The stock has a market cap of $72.50 billion, a PE ratio of -206.51 and a beta of 0.87. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.