Atlassian Co. (NASDAQ:TEAM) Short Interest Update

Atlassian Co. (NASDAQ:TEAM) was the recipient of a large drop in short interest in 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 days-to-cover ratio is currently 1.5 days. Currently, 1.9% of the company’s stock are sold short.

Insider Buying and Selling at Atlassian

In other Atlassian news, CAO Gene Liu sold 568 shares of the firm’s stock in a transaction that occurred 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 trade represents a 1.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $254.76, for a total value of $387,235.20. Following the transaction, the president now directly owns 211,991 shares in the company, valued at approximately $54,006,827.16. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 256,605 shares of company stock worth $69,903,340 in the last 90 days. 38.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently modified their holdings of the company. Corebridge Financial Inc. boosted its position in shares of Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after buying an additional 35 shares during the period. GeoWealth Management LLC boosted its position in Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after purchasing an additional 38 shares during the last quarter. Assetmark Inc. boosted its position in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after purchasing an additional 41 shares during the last quarter. Allworth Financial LP boosted its position in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after purchasing an additional 47 shares during the last quarter. Finally, True Wealth Design LLC boosted its position in Atlassian by 21.6% during the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock valued at $69,000 after purchasing an additional 50 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on TEAM shares. Mizuho increased their target price on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. StockNews.com raised Atlassian from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. JMP Securities reissued a “market perform” rating on shares of Atlassian in a report on Friday, January 31st. Piper Sandler raised their price target on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Finally, Cantor Fitzgerald raised their price target on Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Eight equities research 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 a consensus rating of “Moderate Buy” and a consensus price target of $319.71.

Atlassian Stock Down 0.7 %

Shares of TEAM stock opened at $219.45 on Wednesday. Atlassian has a 1 year low of $135.29 and a 1 year high of $326.00. The stock has a market cap of $57.50 billion, a PE ratio of -163.77 and a beta of 0.91. The business’s fifty day moving average is $272.20 and its 200-day moving average is $235.46. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM) last issued its quarterly 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%. Equities analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

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.