Short Interest in Atlassian Co. (NASDAQ:TEAM) Expands By 18.2%

Atlassian Co. (NASDAQ:TEAM) was the target of a large growth in short interest in September. As of September 15th, there was short interest totalling 2,920,000 shares, a growth of 18.2% from the August 31st total of 2,470,000 shares. Based on an average daily trading volume, of 1,840,000 shares, the days-to-cover ratio is presently 1.6 days.

Atlassian Trading Down 1.2 %

Shares of TEAM opened at $161.22 on Monday. The stock has a market capitalization of $41.92 billion, a P/E ratio of -255.90 and a beta of 0.73. Atlassian has a twelve month low of $135.29 and a twelve month high of $258.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The firm has a fifty day simple moving average of $160.31 and a two-hundred day simple moving average of $173.77.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the business posted ($0.21) earnings per share. Atlassian’s revenue for the quarter was up 20.5% on a year-over-year basis. On average, research analysts anticipate that Atlassian will post -0.58 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on TEAM. StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Mizuho dropped their price objective on shares of Atlassian from $225.00 to $220.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Barclays reduced their target price on Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Scotiabank lowered their price target on Atlassian from $210.00 to $175.00 and set a “sector perform” rating on the stock in a research report on Friday, August 2nd. Finally, The Goldman Sachs Group upgraded Atlassian from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $200.00 to $230.00 in a report on Friday, August 2nd. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $217.69.

Insider Buying and Selling at Atlassian

In other news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $186.48, for a total value of $1,482,143.04. Following the sale, the chief executive officer now directly owns 476,880 shares of the company’s stock, valued at $88,928,582.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $175.00, for a total transaction of $133,000.00. Following the completion of the transaction, the president now directly owns 152,534 shares in the company, valued at $26,693,450. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $186.48, for a total value of $1,482,143.04. Following the completion of the sale, the chief executive officer now directly owns 476,880 shares in the company, valued at approximately $88,928,582.40. The disclosure for this sale can be found here. Insiders sold 224,263 shares of company stock valued at $37,424,892 in the last quarter. 40.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently made changes to their positions in the business. Dragoneer Investment Group LLC purchased a new stake in Atlassian in the second quarter worth $469,803,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Atlassian by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after purchasing an additional 904,138 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Atlassian during the second quarter valued at about $91,072,000. Vanguard Group Inc. raised its stake in Atlassian by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock worth $3,652,495,000 after buying an additional 504,181 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in Atlassian in the first quarter worth about $55,307,000. 93.03% of the stock is owned by hedge funds and other institutional investors.

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.