Atlassian Co. (NASDAQ:TEAM) Sees Large Drop in Short Interest

Atlassian Co. (NASDAQ:TEAM) saw a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 4,400,000 shares, a drop of 14.7% from the March 31st total of 5,160,000 shares. Based on an average trading volume of 1,750,000 shares, the days-to-cover ratio is presently 2.5 days.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TEAM. William Blair reiterated an “outperform” rating on shares of Atlassian in a research note on Friday, February 2nd. KeyCorp began coverage on Atlassian in a research note on Tuesday, March 19th. They set a “sector weight” rating for the company. Barclays upgraded Atlassian from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $235.00 to $275.00 in a research note on Thursday, April 11th. Citigroup cut their price objective on Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a report on Friday, April 12th. Finally, Piper Sandler cut their price objective on Atlassian from $225.00 to $200.00 and set a “neutral” rating for the company in a report on Friday. Ten investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $223.22.

Atlassian Price Performance

Shares of NASDAQ TEAM traded down $4.90 during mid-day trading on Tuesday, reaching $172.17. The company’s stock had a trading volume of 1,372,215 shares, compared to its average volume of 1,742,029. The firm has a market capitalization of $44.66 billion, a PE ratio of -272.22 and a beta of 0.63. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a fifty day moving average of $199.36 and a two-hundred day moving average of $206.52. Atlassian has a 52 week low of $128.02 and a 52 week high of $258.69.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. The firm’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.40) earnings per share. As a group, sell-side analysts anticipate that Atlassian will post -0.42 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, CAO Gene Liu sold 227 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $48,321.49. Following the completion of the transaction, the chief accounting officer now directly owns 47,066 shares in the company, valued at $10,018,939.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Gene Liu sold 227 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $48,321.49. Following the completion of the sale, the chief accounting officer now owns 47,066 shares in the company, valued at $10,018,939.42. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total value of $2,074,754.16. Following the sale, the chief executive officer now owns 329,640 shares of the company’s stock, valued at approximately $82,990,166.40. The disclosure for this sale can be found here. Insiders sold 300,450 shares of company stock worth $61,106,939 over the last ninety days. 40.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Atlassian

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in Atlassian by 123.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 61,856 shares of the technology company’s stock valued at $12,069,000 after purchasing an additional 34,204 shares during the period. Benjamin F. Edwards & Company Inc. raised its position in Atlassian by 9.6% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,198 shares of the technology company’s stock valued at $234,000 after purchasing an additional 105 shares during the period. China Universal Asset Management Co. Ltd. raised its position in Atlassian by 17.8% during the first quarter. China Universal Asset Management Co. Ltd. now owns 16,610 shares of the technology company’s stock valued at $3,241,000 after purchasing an additional 2,504 shares during the period. BLB&B Advisors LLC purchased a new stake in Atlassian during the first quarter valued at approximately $344,000. Finally, UMB Bank n.a. raised its position in Atlassian by 6.8% during the first quarter. UMB Bank n.a. now owns 1,112 shares of the technology company’s stock valued at $217,000 after purchasing an additional 71 shares during the period. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

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.