Short Interest in Atlassian Corporation PLC (NASDAQ:TEAM) Rises By 26.9%

Atlassian Corporation PLC (NASDAQ:TEAM) was the recipient of a large growth in short interest during the month of January. As of January 30th, there was short interest totaling 9,508,511 shares, a growth of 26.9% from the January 15th total of 7,492,123 shares. Currently, 5.7% of the shares of the company are sold short. Based on an average daily trading volume, of 5,776,085 shares, the days-to-cover ratio is currently 1.6 days. Based on an average daily trading volume, of 5,776,085 shares, the days-to-cover ratio is currently 1.6 days. Currently, 5.7% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

TEAM has been the subject of several recent research reports. Jefferies Financial Group set a $150.00 price target on Atlassian in a report on Friday, February 6th. BTIG Research lowered their price objective on Atlassian from $220.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Mizuho cut their target price on Atlassian from $225.00 to $205.00 and set an “outperform” rating for the company in a research note on Friday, February 6th. Barclays decreased their price target on shares of Atlassian from $215.00 to $165.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Finally, Citigroup lowered their price target on shares of Atlassian from $210.00 to $160.00 and set a “buy” rating on the stock in a report on Monday, February 9th. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $189.32.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $82.15 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89. The business’s fifty day moving average price is $134.67 and its two-hundred day moving average price is $152.46. Atlassian has a fifty-two week low of $80.40 and a fifty-two week high of $316.99. The stock has a market capitalization of $21.61 billion, a price-to-earnings ratio of -114.10, a price-to-earnings-growth ratio of 70.43 and a beta of 0.88.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, February 5th. The technology company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.10. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the business earned $0.96 earnings per share. The business’s revenue was up 23.3% on a year-over-year basis. As a group, analysts predict that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $155.08, for a total transaction of $1,188,688.20. Following the completion of the transaction, the chief executive officer directly owned 137,970 shares in the company, valued at $21,396,387.60. This represents a 5.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $160.48, for a total transaction of $1,230,079.20. Following the completion of the sale, the director owned 130,305 shares in the company, valued at $20,911,346.40. This represents a 5.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 475,758 shares of company stock worth $68,994,874. Company insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of institutional investors and hedge funds have recently bought and sold shares of TEAM. SBI Securities Co. Ltd. boosted its holdings in shares of Atlassian by 50.7% during the third quarter. SBI Securities Co. Ltd. now owns 40,546 shares of the technology company’s stock worth $6,475,000 after acquiring an additional 13,643 shares during the period. Mediolanum International Funds Ltd lifted its holdings in Atlassian by 108.4% during the 3rd quarter. Mediolanum International Funds Ltd now owns 41,963 shares of the technology company’s stock worth $6,937,000 after purchasing an additional 21,829 shares during the last quarter. Nordea Investment Management AB boosted its stake in Atlassian by 20.3% in the 3rd quarter. Nordea Investment Management AB now owns 721,690 shares of the technology company’s stock valued at $114,695,000 after purchasing an additional 121,541 shares during the period. Allianz Asset Management GmbH grew its holdings in Atlassian by 28.6% in the 2nd quarter. Allianz Asset Management GmbH now owns 102,194 shares of the technology company’s stock valued at $20,755,000 after buying an additional 22,701 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Atlassian by 3.7% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 258,299 shares of the technology company’s stock worth $52,458,000 after buying an additional 9,274 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.