Short Interest in Atlassian Co. (NASDAQ:TEAM) Drops By 13.4%

Atlassian Co. (NASDAQ:TEAM) was the target of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 3,090,000 shares, a drop of 13.4% from the February 13th total of 3,570,000 shares. Based on an average daily volume of 2,090,000 shares, the short-interest ratio is presently 1.5 days. Currently, 1.9% of the company’s shares are short sold.

Insider Transactions at Atlassian

In other Atlassian news, CAO Gene Liu sold 568 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $312.08, for a total transaction of $177,261.44. Following the completion of the sale, the chief accounting officer now owns 52,142 shares in the company, valued at $16,272,475.36. This represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $216.90, for a total value of $1,723,921.20. Following the sale, the chief executive officer now owns 71,532 shares of the company’s stock, valued at $15,515,290.80. This trade represents a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 255,085 shares of company stock worth $69,211,537. 38.55% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

Several institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after buying an additional 1,806,042 shares during the last quarter. State Street Corp lifted its holdings in shares of Atlassian by 0.3% in the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after acquiring an additional 8,957 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Atlassian in the 4th quarter worth approximately $687,486,000. Invesco Ltd. boosted its position in shares of Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after purchasing an additional 1,777,179 shares during the period. Finally, FMR LLC increased its holdings in Atlassian by 7.4% in the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after purchasing an additional 150,237 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Stock Down 1.6 %

Shares of TEAM opened at $226.16 on Friday. Atlassian has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The stock has a fifty day simple moving average of $271.54 and a two-hundred day simple moving average of $235.36. The company has a market capitalization of $59.25 billion, a PE ratio of -168.77 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, equities analysts forecast that Atlassian will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TEAM shares. Raymond James reaffirmed an “outperform” rating and set a $330.00 price target (up from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Citigroup increased their price target on shares of Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Cantor Fitzgerald lifted their price objective on Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Morgan Stanley boosted their target price on shares of Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, Jefferies Financial Group upped their price target on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $316.77.

About Atlassian

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.