Atlassian Co. (NASDAQ:TEAM) Short Interest Update

Atlassian Co. (NASDAQ:TEAM) was the recipient of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 4,170,000 shares, a growth of 62.3% from the December 15th total of 2,570,000 shares. Based on an average daily volume of 2,140,000 shares, the days-to-cover ratio is currently 1.9 days.

Atlassian Stock Up 1.7 %

NASDAQ:TEAM opened at $254.25 on Friday. Atlassian has a 1-year low of $135.29 and a 1-year high of $287.97. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $66.21 billion, a P/E ratio of -167.27 and a beta of 0.83. The company’s fifty day moving average price is $256.07 and its 200-day moving average price is $201.44.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. The company’s revenue was up 21.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Atlassian will post -0.55 EPS for the current year.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $192.18, for a total value of $1,527,446.64. Following the transaction, the chief executive officer now owns 389,452 shares of the company’s stock, valued at $74,844,885.36. This represents a 2.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joseph Leo Binz sold 1,674 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total value of $411,485.94. Following the completion of the sale, the chief financial officer now owns 171,929 shares of the company’s stock, valued at $42,261,867.49. This represents a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 270,668 shares of company stock valued at $65,408,691. 38.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Atlassian

A number of hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale grew its stake in Atlassian by 42.0% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 37,788 shares of the technology company’s stock valued at $6,666,000 after acquiring an additional 11,176 shares in the last quarter. Federated Hermes Inc. purchased a new stake in shares of Atlassian in the second quarter valued at approximately $444,000. J.W. Cole Advisors Inc. acquired a new stake in shares of Atlassian in the second quarter valued at approximately $281,000. Dimensional Fund Advisors LP lifted its position in Atlassian by 4.1% during the second quarter. Dimensional Fund Advisors LP now owns 150,393 shares of the technology company’s stock worth $26,597,000 after buying an additional 5,878 shares in the last quarter. Finally, Edgestream Partners L.P. boosted its stake in Atlassian by 53.6% during the second quarter. Edgestream Partners L.P. now owns 22,317 shares of the technology company’s stock worth $3,947,000 after buying an additional 7,787 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TEAM. Macquarie started coverage on shares of Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price target for the company. Raymond James boosted their price target on Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. KeyCorp raised their price objective on Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Oppenheimer boosted their target price on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Finally, Wells Fargo & Company raised their price target on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Nine research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $270.33.

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.