Atlassian Co. (NASDAQ:TEAM) Sees Significant Decrease in Short Interest

Atlassian Co. (NASDAQ:TEAM) was the target of a large decline in short interest in 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 trading volume, of 1,940,000 shares, the days-to-cover ratio is currently 1.8 days.

Atlassian Trading Down 0.2 %

Shares of NASDAQ:TEAM opened at $273.62 on Wednesday. The stock has a market capitalization of $71.69 billion, a price-to-earnings ratio of -204.19 and a beta of 0.87. Atlassian has a 1-year low of $135.29 and a 1-year high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The company has a 50 day moving average price of $276.03 and a 200 day moving average price of $230.63.

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

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Raymond James reiterated an “outperform” rating and issued a $330.00 price objective (up from $250.00) on shares of Atlassian in a research note on Friday, January 31st. UBS Group increased their price objective on Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Morgan Stanley increased their price objective on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Oppenheimer raised their price target on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Finally, Cantor Fitzgerald raised their price objective on Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Nine equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $319.71.

Insider Activity

In other news, President Anutthara Bharadwaj sold 1,520 shares of the company’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 value of $387,235.20. Following the completion of the sale, the president now directly owns 211,991 shares in the company, valued at $54,006,827.16. This represents a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Gene Liu sold 779 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the transaction, the chief accounting officer now owns 52,710 shares of the company’s stock, valued at $16,867,727.10. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 272,501 shares of company stock valued at $75,129,229 in the last quarter. 38.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. lifted its position in Atlassian by 0.9% in the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after buying an additional 78,454 shares in the last quarter. JPMorgan Chase & Co. grew its position in Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares during the last quarter. State Street Corp grew its position in Atlassian by 0.3% in the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after purchasing an additional 8,957 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of Atlassian during the 4th quarter valued at about $687,486,000. Finally, Invesco Ltd. boosted its position in shares of Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after acquiring an additional 1,777,179 shares in the last quarter. Hedge funds and other institutional investors 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.