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

Atlassian Co. Plc (NASDAQ:TEAMGet Rating) was the recipient of a large decrease in short interest in March. As of March 31st, there was short interest totalling 3,190,000 shares, a decrease of 19.2% from the March 15th total of 3,950,000 shares. Based on an average daily volume of 2,140,000 shares, the days-to-cover ratio is presently 1.5 days.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Peregrine Asset Advisers Inc. raised its stake in shares of Atlassian by 2.5% in the third quarter. Peregrine Asset Advisers Inc. now owns 1,025 shares of the technology company’s stock worth $401,000 after purchasing an additional 25 shares during the last quarter. CNB Bank raised its position in Atlassian by 5.7% in the 3rd quarter. CNB Bank now owns 539 shares of the technology company’s stock worth $212,000 after buying an additional 29 shares during the last quarter. Pitcairn Co. lifted its stake in Atlassian by 0.9% during the 3rd quarter. Pitcairn Co. now owns 3,422 shares of the technology company’s stock valued at $1,340,000 after acquiring an additional 29 shares during the period. ING Groep NV boosted its holdings in shares of Atlassian by 1.3% during the 3rd quarter. ING Groep NV now owns 2,417 shares of the technology company’s stock valued at $946,000 after acquiring an additional 31 shares during the last quarter. Finally, Summit Trail Advisors LLC grew its stake in shares of Atlassian by 1.5% in the third quarter. Summit Trail Advisors LLC now owns 2,203 shares of the technology company’s stock worth $862,000 after acquiring an additional 33 shares during the period. Institutional investors and hedge funds own 86.08% of the company’s stock.

Several research firms have commented on TEAM. Piper Sandler decreased their price target on shares of Atlassian from $414.00 to $384.00 and set an “overweight” rating on the stock in a research note on Friday, April 8th. StockNews.com initiated coverage on Atlassian in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Oppenheimer lowered their target price on Atlassian from $500.00 to $430.00 in a research note on Friday, January 28th. Zacks Investment Research cut Atlassian from a “hold” rating to a “strong sell” rating and set a $277.00 price target on the stock. in a research note on Wednesday, February 2nd. Finally, Canaccord Genuity Group lowered their price target on shares of Atlassian from $500.00 to $375.00 in a report on Friday, January 28th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $406.84.

TEAM opened at $259.12 on Tuesday. The firm has a market cap of $35.58 billion, a PE ratio of -122.23 and a beta of 0.93. The stock has a 50-day moving average price of $289.31 and a 200-day moving average price of $344.37. Atlassian has a 1 year low of $207.83 and a 1 year high of $483.13. The company has a debt-to-equity ratio of 8.08, a current ratio of 1.08 and a quick ratio of 1.08.

Atlassian (NASDAQ:TEAMGet Rating) last issued its earnings results on Thursday, January 27th. The technology company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.26). The firm had revenue of $688.00 million during the quarter, compared to analysts’ expectations of $642.47 million. Atlassian had a negative return on equity of 23.70% and a negative net margin of 21.84%. The firm’s quarterly revenue was up 37.2% on a year-over-year basis. During the same period last year, the firm posted $0.05 earnings per share. As a group, sell-side analysts anticipate that Atlassian will post -0.5 EPS for the current year.

About Atlassian (Get Rating)

Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its products include JIRA, a workflow management system for teams to plan, track, collaborate, and manage work, and projects; Jira Service Management, a service desk product for creating and managing service experiences for various service team providers, including IT, legal, and HR teams; Jira Align for enterprise agile planning; Opsgenie, an incident management tool that centralizes alerts and notifies right people at right time; and Statuspage for incident communication.

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