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

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

Atlassian Trading Down 1.6 %

Shares of TEAM stock opened at $226.16 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00. The stock has a market capitalization of $59.25 billion, a P/E ratio of -168.77 and a beta of 0.91. The firm’s 50 day moving average is $271.54 and its 200 day moving average is $235.36.

Atlassian (NASDAQ:TEAM) last announced its earnings results 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 net margin of 7.22% and a negative return on equity of 17.37%. Research analysts expect that Atlassian will post -0.34 earnings per share for the current year.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were 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 directly owns 71,532 shares in the company, valued at $15,515,290.80. This represents a 10.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Gene Liu sold 568 shares of Atlassian stock in a transaction on Friday, February 14th. The shares were sold at an average price of $312.08, for a total value of $177,261.44. Following the sale, the chief accounting officer now directly owns 52,142 shares of the company’s stock, valued at $16,272,475.36. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 255,085 shares of company stock worth $69,211,537. Company insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Virtu Financial LLC purchased a new stake in shares of Atlassian during the third quarter worth about $606,000. Fulton Bank N.A. bought a new stake in Atlassian in the fourth quarter worth $447,000. Paloma Partners Management Co purchased a new stake in Atlassian during the third quarter valued at $1,588,000. Allworth Financial LP lifted its holdings in shares of Atlassian by 3.1% in the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after acquiring an additional 47 shares during the last quarter. Finally, Parnassus Investments LLC lifted its stake in shares of Atlassian by 322.9% in the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after purchasing an additional 245,286 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Wells Fargo & Company raised their target price on shares of Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Barclays boosted their price target on Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Cantor Fitzgerald raised their target price on shares of Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. Finally, Jefferies Financial Group lifted their price objective on Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.