Atlassian Co. (NASDAQ:TEAM) Short Interest Up 18.2% in September

Atlassian Co. (NASDAQ:TEAM) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 2,920,000 shares, an increase 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 currently 1.6 days.

Atlassian Stock Down 1.2 %

Shares of NASDAQ:TEAM traded down $1.92 during midday trading on Friday, reaching $161.22. The company’s stock had a trading volume of 1,428,798 shares, compared to its average volume of 1,782,704. Atlassian has a 12-month low of $135.29 and a 12-month high of $258.69. The firm has a market capitalization of $41.92 billion, a P/E ratio of -255.90 and a beta of 0.73. The firm has a 50 day moving average of $160.31 and a 200-day moving average of $174.07. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. StockNews.com lowered Atlassian from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. Scotiabank cut their price objective on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a research note on Friday, August 2nd. Robert W. Baird cut shares of Atlassian from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $230.00 to $175.00 in a research report on Friday, August 2nd. Morgan Stanley cut their price target on shares of Atlassian from $245.00 to $225.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Finally, Piper Sandler raised Atlassian from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $200.00 to $225.00 in a research note on Tuesday, July 2nd. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $217.69.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $161.98, for a total value of $1,287,417.04. Following the transaction, the chief executive officer now directly owns 23,844 shares in the company, valued at $3,862,251.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CTO Rajeev Bashyam Rajan sold 199 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $146.08, for a total transaction of $29,069.92. Following the completion of the transaction, the chief technology officer now directly owns 128,957 shares in the company, valued at approximately $18,838,038.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $161.98, for a total transaction of $1,287,417.04. Following the completion of the transaction, the chief executive officer now owns 23,844 shares in the company, valued at $3,862,251.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 232,211 shares of company stock worth $38,833,675. 40.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. First Trust Direct Indexing L.P. lifted its holdings in 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. Park National Corp OH lifted its stake in shares of Atlassian by 4.0% in the 1st quarter. Park National Corp OH now owns 1,497 shares of the technology company’s stock valued at $292,000 after purchasing an additional 58 shares during the last quarter. Financial Advocates Investment Management boosted its stake in Atlassian by 1.7% during the second quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock worth $662,000 after buying an additional 62 shares during the period. Ameritas Investment Partners Inc. boosted its stake in shares of Atlassian by 1.4% during the 1st quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company’s stock worth $890,000 after purchasing an additional 65 shares during the period. Finally, UMB Bank n.a. grew its stake in shares of Atlassian by 6.8% during the first quarter. UMB Bank n.a. now owns 1,112 shares of the technology company’s stock valued at $217,000 after buying an additional 71 shares during the last quarter. 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.