Atlassian Co. (NASDAQ:TEAM) Short Interest Up 62.3% in December

Atlassian Co. (NASDAQ:TEAM) saw a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 4,170,000 shares, an increase 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 short-interest ratio is presently 1.9 days.

Atlassian Price Performance

Shares of NASDAQ:TEAM traded up $4.22 during trading on Thursday, reaching $254.25. The stock had a trading volume of 1,818,433 shares, compared to its average volume of 1,841,281. The business has a fifty day moving average price of $255.66 and a 200-day moving average price of $201.07. Atlassian has a 1-year low of $135.29 and a 1-year high of $287.97. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market cap of $66.22 billion, a PE ratio of -167.27 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last issued its 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. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.07) earnings per share. On average, equities analysts forecast that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $251.20, for a total transaction of $1,996,537.60. Following the completion of the sale, the chief executive officer now owns 405,348 shares of the company’s stock, valued at approximately $101,823,417.60. The trade was a 1.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Gene Liu sold 1,024 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $225.45, for a total value of $230,860.80. Following the completion of the transaction, the chief accounting officer now directly owns 59,168 shares in the company, valued at $13,339,425.60. This represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 279,376 shares of company stock valued at $67,079,459. Insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TEAM. Dragoneer Investment Group LLC purchased a new position in Atlassian during the second quarter worth about $469,803,000. Point72 Asset Management L.P. raised its position in shares of Atlassian by 760.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock valued at $110,972,000 after buying an additional 617,566 shares during the period. Two Sigma Advisers LP raised its position in shares of Atlassian by 122.0% during the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock valued at $159,382,000 after buying an additional 551,500 shares during the period. Westfield Capital Management Co. LP acquired a new position in Atlassian in the third quarter valued at approximately $57,149,000. Finally, Parnassus Investments LLC grew its position in Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after acquiring an additional 245,286 shares during the period. Institutional investors and hedge funds own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

TEAM has been the topic of a number of research reports. Robert W. Baird increased their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Scotiabank increased their price target on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research report on Friday, November 1st. Oppenheimer boosted their price objective on Atlassian from $270.00 to $300.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Raymond James raised their target price on Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, UBS Group boosted their price target on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $270.65.

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.