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

Atlassian Co. (NASDAQ:TEAM) saw a large drop in short interest in 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 short-interest ratio is currently 2.5 days.

Atlassian Price Performance

Shares of Atlassian stock traded down $4.90 during 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 stock has a 50-day moving average price of $199.36 and a two-hundred day moving average price of $206.52. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. Atlassian has a one year low of $128.02 and a one year high of $258.69. The stock has a market capitalization of $44.66 billion, a P/E ratio of -272.22 and a beta of 0.63.

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

Insider Activity

In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $881,068.93. Following the completion of the transaction, the president now directly owns 167,535 shares in the company, valued at $35,663,175.45. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $881,068.93. Following the completion of the transaction, the president now directly owns 167,535 shares in the company, valued at $35,663,175.45. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Gene Liu sold 227 shares of the firm’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 sale, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at $10,018,939.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 300,450 shares of company stock worth $61,106,939. Corporate insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its stake in shares of Atlassian by 20.7% in the 4th quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock valued at $2,094,980,000 after acquiring an additional 1,511,318 shares during the last quarter. Morgan Stanley increased its stake in shares of Atlassian by 156.8% in the 3rd quarter. Morgan Stanley now owns 1,793,700 shares of the technology company’s stock valued at $361,449,000 after acquiring an additional 1,095,297 shares during the last quarter. Norges Bank bought a new stake in shares of Atlassian in the 4th quarter valued at about $247,740,000. Vanguard Group Inc. increased its stake in shares of Atlassian by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock valued at $3,652,495,000 after acquiring an additional 504,181 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Atlassian by 3.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,237,507 shares of the technology company’s stock valued at $2,435,095,000 after acquiring an additional 326,673 shares during the last quarter. 93.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on TEAM shares. StockNews.com upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a report on Monday. William Blair reissued an “outperform” rating on shares of Atlassian in a research report on Friday, February 2nd. Wells Fargo & Company lifted their price target on shares of Atlassian from $275.00 to $285.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Citigroup dropped their price target on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. Finally, Oppenheimer decreased their price target on shares of Atlassian from $300.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $223.22.

Atlassian Company Profile

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.