Atlassian Co. Plc (NASDAQ:TEAM – Get Rating) was the recipient of a large decline in short interest in April. As of April 15th, there was short interest totalling 2,450,000 shares, a decline of 23.2% from the March 31st total of 3,190,000 shares. Based on an average daily volume of 1,970,000 shares, the days-to-cover ratio is currently 1.2 days.
A number of institutional investors and hedge funds have recently bought and sold shares of TEAM. Jennison Associates LLC raised its stake in Atlassian by 17.6% during the 4th quarter. Jennison Associates LLC now owns 8,653,353 shares of the technology company’s stock valued at $3,299,437,000 after acquiring an additional 1,295,323 shares during the last quarter. Norges Bank purchased a new position in shares of Atlassian during the 4th quarter worth approximately $364,752,000. TD Asset Management Inc. raised its stake in shares of Atlassian by 106.8% during the 4th quarter. TD Asset Management Inc. now owns 1,362,603 shares of the technology company’s stock worth $519,547,000 after buying an additional 703,842 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Atlassian during the 4th quarter worth approximately $192,265,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Atlassian by 166.8% during the 4th quarter. JPMorgan Chase & Co. now owns 524,742 shares of the technology company’s stock worth $200,080,000 after buying an additional 328,070 shares in the last quarter. 86.08% of the stock is owned by hedge funds and other institutional investors.
TEAM has been the subject of several analyst reports. Canaccord Genuity Group lowered their target price on Atlassian from $500.00 to $375.00 in a research note on Friday, January 28th. Oppenheimer lowered their price objective on Atlassian from $500.00 to $430.00 in a research report on Friday, January 28th. Truist Financial lowered their price objective on Atlassian from $400.00 to $375.00 and set a “hold” rating for the company in a research report on Thursday, March 24th. Citigroup assumed coverage on Atlassian in a research report on Tuesday, January 25th. They set a “buy” rating and a $430.00 price objective for the company. Finally, Piper Sandler lowered their price objective on Atlassian from $414.00 to $384.00 and set an “overweight” rating for the company in a research report on Friday, April 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian has a consensus rating of “Buy” and a consensus price target of $408.89.
Atlassian (NASDAQ:TEAM – Get Rating) last posted its quarterly earnings data on Thursday, April 28th. The technology company reported $0.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.15. The firm had revenue of $740.49 million during the quarter, compared to the consensus estimate of $703.87 million. Atlassian had a negative return on equity of 74.69% and a negative net margin of 27.73%. The firm’s revenue was up 30.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 EPS. As a group, sell-side analysts expect that Atlassian will post -0.51 EPS for the current fiscal 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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