Atlassian Co. Plc (NASDAQ:TEAM) Sees Significant Increase in Short Interest

Atlassian Co. Plc (NASDAQ:TEAM – Get Rating) was the target of a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 3,540,000 shares, a growth of 38.3% from the April 30th total of 2,560,000 shares. Based on an average daily trading volume, of 2,150,000 shares, the days-to-cover ratio is currently 1.6 days.

Shares of NASDAQ:TEAM traded up $9.60 during mid-day trading on Monday, reaching $184.78. The stock had a trading volume of 80,291 shares, compared to its average volume of 2,223,141. The firm has a market cap of $25.37 billion, a PE ratio of -64.38 and a beta of 1.07. The firm has a 50 day simple moving average of $241.03 and a two-hundred day simple moving average of $300.89. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 3.30. Atlassian has a twelve month low of $159.54 and a twelve month high of $483.13.

Atlassian (NASDAQ:TEAM – Get Rating) last issued its quarterly earnings results on Thursday, April 28th. The technology company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.15. Atlassian had a negative net margin of 27.73% and a negative return on equity of 56.13%. The company had revenue of $740.49 million during the quarter, compared to analysts’ expectations of $703.87 million. During the same period last year, the business earned $0.09 EPS. The business’s quarterly revenue was up 30.2% on a year-over-year basis. On average, equities analysts anticipate that Atlassian will post -0.36 EPS for the current fiscal year.

TEAM has been the subject of a number of analyst reports. Canaccord Genuity Group reduced their price objective on shares of Atlassian from $375.00 to $300.00 in a research note on Friday, April 29th. StockNews.com initiated coverage on shares of Atlassian in a research note on Thursday, March 31st. They set a “hold” rating for the company. Mizuho cut their target price on shares of Atlassian from $500.00 to $360.00 in a research note on Monday, May 16th. Jefferies Financial Group cut their target price on shares of Atlassian from $275.00 to $180.00 in a research note on Monday, May 23rd. Finally, KeyCorp cut their target price on shares of Atlassian from $442.00 to $397.00 and set an “overweight” rating for the company in a research note on Friday, April 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Atlassian presently has an average rating of “Buy” and an average target price of $375.83.

Several institutional investors have recently bought and sold shares of the stock. Bank of New Hampshire acquired a new position in Atlassian in the first quarter valued at approximately $26,000. Core Alternative Capital lifted its stake in Atlassian by 1,383.3% in the first quarter. Core Alternative Capital now owns 89 shares of the technology company’s stock valued at $26,000 after buying an additional 83 shares during the period. Counterpoint Mutual Funds LLC acquired a new position in shares of Atlassian during the fourth quarter worth approximately $28,000. Addison Advisors LLC raised its position in shares of Atlassian by 2,475.0% during the first quarter. Addison Advisors LLC now owns 103 shares of the technology company’s stock worth $30,000 after purchasing an additional 99 shares during the period. Finally, IndexIQ Advisors LLC acquired a new position in shares of Atlassian during the first quarter worth approximately $30,000. 91.33% of the stock is currently owned by institutional investors.

Atlassian Company Profile (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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