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

Atlassian Co. (NASDAQ:TEAM) saw a significant growth in short interest in December. As of December 31st, there was short interest totalling 4,170,000 shares, a growth 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 short-interest ratio is currently 1.9 days.

Atlassian Stock Up 1.7 %

Shares of TEAM traded up $4.22 during mid-day trading on Thursday, hitting $254.25. The company’s stock had a trading volume of 1,818,433 shares, compared to its average volume of 1,841,281. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The company’s 50-day moving average is $255.66 and its 200-day moving average is $201.07. Atlassian has a 52-week low of $135.29 and a 52-week high of $287.97. The firm has a market capitalization of $66.22 billion, a price-to-earnings ratio of -167.27 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.13. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.07) EPS. On average, equities research analysts forecast that Atlassian will post -0.55 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Truist Financial raised Atlassian from a “hold” rating to a “buy” rating and raised their price objective for the company from $250.00 to $300.00 in a research note on Tuesday, January 7th. Canaccord Genuity Group raised their price target on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. UBS Group boosted their price objective on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Scotiabank raised their target price on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a report on Friday, November 1st. Finally, Jefferies Financial Group upped their price target on shares of Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Eight equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $270.65.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $251.20, for a total transaction of $1,996,537.60. Following the sale, the chief executive officer now owns 405,348 shares of the company’s stock, valued at $101,823,417.60. This represents a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction 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 completion of the transaction, the president now directly owns 211,991 shares of the company’s stock, valued at $54,006,827.16. The trade was a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 279,376 shares of company stock worth $67,079,459. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently added to or reduced their stakes in TEAM. Harbor Investment Advisory LLC lifted its position in Atlassian by 1,878.3% during the fourth quarter. Harbor Investment Advisory LLC now owns 1,187 shares of the technology company’s stock valued at $289,000 after acquiring an additional 1,127 shares during the last quarter. Aaron Wealth Advisors LLC acquired a new position in shares of Atlassian during the fourth quarter worth $228,000. Hanseatic Management Services Inc. purchased a new stake in shares of Atlassian during the 4th quarter valued at $603,000. HB Wealth Management LLC boosted its position in shares of Atlassian by 17.9% in the 4th quarter. HB Wealth Management LLC now owns 1,502 shares of the technology company’s stock worth $366,000 after purchasing an additional 228 shares in the last quarter. Finally, Premier Path Wealth Partners LLC purchased a new position in Atlassian during the 4th quarter worth $314,000. 94.45% of the stock is currently owned by institutional investors.

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.