Atlassian Co. (NASDAQ:TEAM) Short Interest Down 13.4% in February

Atlassian Co. (NASDAQ:TEAM) was the target of a significant drop in short interest during 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. Currently, 1.9% of the shares of the company are sold short. Based on an average daily trading volume, of 2,090,000 shares, the days-to-cover ratio is currently 1.5 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $255.00 to $292.00 in a report on Friday, January 10th. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian 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. KeyCorp lifted their price objective on Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research note 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 note on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus price target of $316.77.

Atlassian Stock Up 4.7 %

Shares of NASDAQ:TEAM opened at $229.86 on Thursday. Atlassian has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a market cap of $60.22 billion, a PE ratio of -171.54 and a beta of 0.91. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock’s 50-day moving average is $271.91 and its 200 day moving average is $235.42.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Sell-side analysts anticipate that Atlassian will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 1,723 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total value of $526,962.32. Following the completion of the transaction, the president now directly owns 199,934 shares of the company’s stock, valued at $61,147,814.56. This trade represents a 0.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 71,532 shares of the company’s stock, valued at $15,515,290.80. The trade was a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 264,553 shares of company stock valued at $71,627,261 over the last ninety days. 38.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Murphy & Mullick Capital Management Corp purchased a new position in shares of Atlassian during the 4th quarter worth approximately $27,000. Colonial Trust Co SC grew its holdings in shares of Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after acquiring an additional 69 shares during the period. True Wealth Design LLC grew its holdings in shares of Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after acquiring an additional 231 shares during the period. Summit Securities Group LLC purchased a new position in shares of Atlassian during the 4th quarter worth approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Atlassian during the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.