Short Interest in Atlassian Co. (NASDAQ:TEAM) Expands By 62.3%

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

Atlassian Stock Up 1.7 %

Shares of Atlassian stock traded up $4.23 on Thursday, hitting $254.26. 1,210,273 shares of the company’s stock traded hands, compared to its average volume of 1,781,185. Atlassian has a 52-week low of $135.29 and a 52-week high of $287.97. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The stock has a market cap of $66.22 billion, a P/E ratio of -167.28 and a beta of 0.83. The firm’s 50-day moving average is $255.66 and its 200 day moving average is $201.07.

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

Analyst Ratings Changes

A number of research firms have recently commented on TEAM. BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $255.00 to $292.00 in a research note on Friday, January 10th. KeyCorp upped their price target on shares of Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Morgan Stanley lifted their price target on shares of Atlassian from $259.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday. Canaccord Genuity Group upped their price objective on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Scotiabank lifted their target price on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Eight investment 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $270.65.

Insider Activity at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $236.89, for a total value of $1,882,801.72. Following the completion of the transaction, the chief executive officer now owns 421,244 shares of the company’s stock, valued at $99,788,491.16. The trade was a 1.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $254.76, for a total transaction of $387,235.20. Following the sale, the president now owns 211,991 shares in the company, 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. In the last 90 days, insiders have sold 271,428 shares of company stock valued at $65,082,922. 38.55% of the stock is owned by corporate insiders.

Institutional Trading of Atlassian

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares during the last quarter. True Wealth Design LLC boosted its holdings in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares during the period. Reston Wealth Management LLC bought a new stake in Atlassian during the third quarter valued at $48,000. Quarry LP raised its holdings in shares of Atlassian by 143.8% during the second quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after purchasing an additional 220 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its position in shares of Atlassian by 23.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after buying an additional 82 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.