Atlassian Co. (NASDAQ:TEAM) Sees Large Decline in Short Interest

Atlassian Co. (NASDAQ:TEAM) saw a large drop in short interest in April. As of April 15th, there was short interest totalling 4,400,000 shares, a drop of 14.7% from the March 31st total of 5,160,000 shares. Based on an average daily trading volume, of 1,750,000 shares, the days-to-cover ratio is currently 2.5 days.

Insider Buying and Selling

In other news, CEO Michael Cannon-Brookes sold 8,241 shares of Atlassian stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $219.24, for a total value of $1,806,756.84. Following the completion of the sale, the chief executive officer now directly owns 313,158 shares in the company, valued at $68,656,759.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $193.63, for a total value of $147,158.80. Following the transaction, the president now owns 162,610 shares of the company’s stock, valued at $31,486,174.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $219.24, for a total value of $1,806,756.84. Following the completion of the transaction, the chief executive officer now directly owns 313,158 shares in the company, valued at $68,656,759.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 292,209 shares of company stock worth $59,632,213. 40.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Institutional investors have recently modified their holdings of the stock. Graypoint LLC raised its holdings in shares of Atlassian by 2.4% in the fourth quarter. Graypoint LLC now owns 1,784 shares of the technology company’s stock valued at $424,000 after acquiring an additional 42 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its position in shares of Atlassian by 1.4% in the 4th quarter. Legacy Wealth Asset Management LLC now owns 3,095 shares of the technology company’s stock worth $736,000 after purchasing an additional 43 shares during the period. Park National Corp OH boosted its stake in shares of Atlassian by 3.5% during the fourth quarter. Park National Corp OH now owns 1,439 shares of the technology company’s stock valued at $342,000 after purchasing an additional 48 shares in the last quarter. First Trust Direct Indexing L.P. boosted its stake in shares of Atlassian by 1.5% during the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock valued at $721,000 after purchasing an additional 55 shares in the last quarter. Finally, UMB Bank n.a. increased its holdings in Atlassian by 5.7% during the fourth quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock valued at $248,000 after buying an additional 56 shares during the period. 93.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TEAM has been the subject of a number of analyst reports. UBS Group reduced their price target on Atlassian from $260.00 to $250.00 and set a “neutral” rating for the company in a research report on Friday, February 2nd. William Blair reaffirmed an “outperform” rating on shares of Atlassian in a report on Friday, February 2nd. Citigroup reduced their price objective on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Canaccord Genuity Group lowered their target price on shares of Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Mizuho cut their price target on Atlassian from $240.00 to $225.00 and set a “buy” rating for the company in a research note on Friday. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $223.22.

Atlassian Trading Down 9.6 %

Shares of TEAM opened at $179.45 on Monday. Atlassian has a twelve month low of $128.02 and a twelve month high of $258.69. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. The company’s fifty day simple moving average is $199.98 and its 200-day simple moving average is $206.59. The company has a market cap of $46.55 billion, a P/E ratio of -284.84 and a beta of 0.63.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, February 1st. The technology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). Atlassian had a negative net margin of 3.90% and a negative return on equity of 15.54%. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. As a group, analysts expect that Atlassian will post -0.42 EPS for the current 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.