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

Atlassian Co. (NASDAQ:TEAM) saw a significant growth in short interest during the month of 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 presently 1.9 days.

Analyst Upgrades and Downgrades

TEAM has been the topic of several analyst reports. Piper Sandler raised their target price on Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Canaccord Genuity Group raised their price target on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a report on Friday, December 20th. Robert W. Baird upped their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. UBS Group increased their target price on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Finally, Truist Financial raised shares of Atlassian from a “hold” rating to a “buy” rating and upped their price target for the stock from $250.00 to $300.00 in a research note on Tuesday, January 7th. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and an average price target of $270.65.

Insider Activity

In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $188.79, for a total transaction of $143,480.40. Following the completion of the transaction, the president now directly owns 228,996 shares of the company’s stock, valued at $43,232,154.84. The trade was a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $278.79, for a total transaction of $2,215,822.92. Following the completion of the sale, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 271,428 shares of company stock valued at $65,082,922. 38.55% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

A number of institutional investors have recently bought and sold shares of the company. Dragoneer Investment Group LLC acquired a new position in Atlassian in the 2nd quarter worth about $469,803,000. Point72 Asset Management L.P. increased its holdings in Atlassian by 760.5% in the third quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after buying an additional 617,566 shares during the last quarter. Two Sigma Advisers LP raised its position in Atlassian by 122.0% during the third quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock valued at $159,382,000 after acquiring an additional 551,500 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake 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 in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Stock Up 1.7 %

Shares of TEAM traded up $4.23 during trading hours on Thursday, reaching $254.26. The company’s stock had a trading volume of 1,210,273 shares, compared to its average volume of 1,781,185. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The firm has a market cap of $66.22 billion, a price-to-earnings ratio of -167.28 and a beta of 0.83. The company has a 50 day moving average of $255.66 and a two-hundred day moving average of $201.07. Atlassian has a 1-year low of $135.29 and a 1-year high of $287.97.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates 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 revenue for the quarter was up 21.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) EPS. As a group, research analysts predict that Atlassian will post -0.55 EPS for the current fiscal year.

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.