Atlassian Co. (NASDAQ:TEAM) Short Interest Down 14.7% in April

Atlassian Co. (NASDAQ:TEAM) was the recipient of a large drop in short interest in 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 daily volume of 1,750,000 shares, the days-to-cover ratio is currently 2.5 days.

Atlassian Stock Performance

NASDAQ TEAM opened at $172.30 on Wednesday. The firm has a 50-day moving average price of $198.71 and a two-hundred day moving average price of $206.41. Atlassian has a 12-month low of $128.02 and a 12-month high of $258.69. The company has a market capitalization of $44.70 billion, a P/E ratio of -273.49 and a beta of 0.63. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on TEAM. Truist Financial lowered their price target on Atlassian from $220.00 to $200.00 and set a “hold” rating on the stock in a research report on Friday, April 26th. TD Cowen lowered their target price on shares of Atlassian from $220.00 to $210.00 and set a “hold” rating on the stock in a report on Friday, April 26th. KeyCorp started coverage on shares of Atlassian in a research note on Tuesday, March 19th. They issued a “sector weight” rating for the company. UBS Group decreased their price objective on shares of Atlassian from $260.00 to $250.00 and set a “neutral” rating for the company in a research report on Friday, February 2nd. Finally, Mizuho dropped their target price on shares of Atlassian from $240.00 to $225.00 and set a “buy” rating on the stock in a report on Friday, April 26th. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $223.22.

Insider Buying and Selling at Atlassian

In other news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $218.32, for a total transaction of $1,799,175.12. Following the completion of the transaction, the chief executive officer now directly owns 263,712 shares of the company’s stock, valued at $57,573,603.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $881,068.93. Following the sale, the president now directly owns 167,535 shares of the company’s stock, valued at approximately $35,663,175.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $218.32, for a total value of $1,799,175.12. Following the completion of the transaction, the chief executive officer now owns 263,712 shares of the company’s stock, valued at approximately $57,573,603.84. The disclosure for this sale can be found here. Insiders have sold 300,450 shares of company stock valued at $60,491,996 in the last 90 days. 40.48% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

Several large investors have recently modified their holdings of TEAM. OFI Invest Asset Management acquired a new stake in Atlassian during the third quarter worth about $26,000. Carmel Capital Partners LLC lifted its holdings in shares of Atlassian by 28.5% during the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock worth $52,000 after acquiring an additional 57 shares during the period. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Atlassian by 271.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after acquiring an additional 271 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Atlassian by 255.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock valued at $96,000 after acquiring an additional 291 shares during the last quarter. Finally, Operose Advisors LLC acquired a new position in Atlassian during the third quarter valued at approximately $99,000. 93.03% of the stock is owned by institutional investors and hedge funds.

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.