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

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 volume of 2,140,000 shares, the days-to-cover ratio is currently 1.9 days.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $278.79, for a total value of $2,215,822.92. Following the transaction, the chief executive officer now owns 135,116 shares in the company, valued at $37,668,989.64. The trade was a 5.56 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 4,560 shares of Atlassian stock in a transaction on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $1,028,052.00. Following the sale, the president now owns 224,436 shares in the company, valued at $50,599,096.20. This trade represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,668 shares of company stock worth $65,408,691 over the last 90 days. 38.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its position in Atlassian by 22.9% during the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock valued at $71,000 after acquiring an additional 54 shares during the last quarter. Legacy Wealth Asset Management LLC grew its holdings in Atlassian by 2.1% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock valued at $544,000 after purchasing an additional 70 shares during the last quarter. Brown Brothers Harriman & Co. raised its position in Atlassian by 23.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after purchasing an additional 82 shares during the period. Commerce Bank lifted its stake in Atlassian by 1.8% in the third quarter. Commerce Bank now owns 4,966 shares of the technology company’s stock worth $789,000 after purchasing an additional 90 shares during the last quarter. Finally, Signaturefd LLC boosted its position in shares of Atlassian by 4.8% during the third quarter. Signaturefd LLC now owns 2,411 shares of the technology company’s stock valued at $383,000 after buying an additional 111 shares during the period. 94.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TEAM has been the topic of several research reports. Morgan Stanley boosted their price target on shares of Atlassian from $259.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday. Cantor Fitzgerald assumed coverage on shares of Atlassian in a research note on Friday. They set a “neutral” rating and a $264.00 price objective for the company. Mizuho increased their price objective on Atlassian from $240.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Macquarie initiated coverage on Atlassian in a report on Thursday, December 12th. They set a “neutral” rating and a $290.00 price objective for the company. Finally, Piper Sandler raised their price objective on shares of Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $270.33.

Atlassian Trading Up 1.7 %

TEAM stock opened at $254.25 on Friday. Atlassian has a 1-year low of $135.29 and a 1-year high of $287.97. The business has a 50 day simple moving average of $256.07 and a two-hundred day simple moving average of $201.44. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market capitalization of $66.21 billion, a price-to-earnings ratio of -167.27 and a beta of 0.83.

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

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.