Atlassian Corporation PLC (NASDAQ:TEAM) Sees Significant Increase in Short Interest

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Oppenheimer dropped their target price on Atlassian from $275.00 to $150.00 and set an “outperform” rating for the company in a research note on Friday, February 6th. BMO Capital Markets set a $130.00 price objective on shares of Atlassian and gave the company an “outperform” rating in a research note on Friday, February 6th. Truist Financial set a $210.00 target price on shares of Atlassian in a report on Friday, October 31st. Citigroup cut their price target on shares of Atlassian from $210.00 to $160.00 and set a “buy” rating on the stock in a research note on Monday, February 9th. Finally, Jefferies Financial Group set a $150.00 price objective on shares of Atlassian in a research note on Friday, February 6th. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus target price of $189.32.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the completion of the transaction, the director owned 275,940 shares of the company’s stock, valued at $26,161,871.40. The trade was a 2.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $94.81, for a total value of $726,718.65. Following the transaction, the chief executive officer directly owned 275,940 shares of the company’s stock, valued at $26,161,871.40. The trade was a 2.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 497,847 shares of company stock worth $72,254,722 in the last three months. Corporate insiders own 36.66% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC boosted its holdings in Atlassian by 71.6% in the 1st quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock worth $1,153,000 after acquiring an additional 2,267 shares during the period. Empowered Funds LLC lifted its position in shares of Atlassian by 39.5% during the first quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock worth $995,000 after purchasing an additional 1,328 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of Atlassian by 32.6% in the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock valued at $875,000 after purchasing an additional 1,014 shares during the period. Geneos Wealth Management Inc. grew its holdings in Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after purchasing an additional 161 shares in the last quarter. Finally, Sivia Capital Partners LLC increased its stake in Atlassian by 27.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock worth $380,000 after buying an additional 404 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Trading Down 2.4%

Shares of Atlassian stock traded down $2.10 during trading hours on Monday, hitting $84.38. The company’s stock had a trading volume of 6,192,058 shares, compared to its average volume of 6,724,101. The business has a fifty day moving average of $137.78 and a 200 day moving average of $153.92. Atlassian has a 1-year low of $83.17 and a 1-year high of $316.99. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $22.25 billion, a PE ratio of -117.19, a P/E/G ratio of 70.43 and a beta of 0.88.

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

Atlassian Company Profile

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.