Atlassian Co. (NASDAQ:TEAM) Short Interest Down 18.9% in May

Atlassian Co. (NASDAQ:TEAM - Get Free Report) was the target of a significant decline in short interest in the month of May. As of May 15th, there was short interest totalling 3,990,000 shares, a decline of 18.9% from the April 30th total of 4,920,000 shares. Based on an average trading volume of 2,460,000 shares, the days-to-cover ratio is currently 1.6 days. Currently, 2.5% of the shares of the stock are sold short.

Atlassian Trading Up 0.0%

Shares of Atlassian stock traded up $0.03 during trading hours on Wednesday, hitting $210.92. The company's stock had a trading volume of 1,328,606 shares, compared to its average volume of 2,330,621. Atlassian has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The company has a market capitalization of $55.37 billion, a PE ratio of -157.40 and a beta of 1.06. The stock has a 50 day moving average of $209.85 and a 200 day moving average of $245.30.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the prior year, the business earned $0.89 EPS. Atlassian's revenue for the quarter was up 14.1% compared to the same quarter last year. Analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on TEAM. KeyCorp cut their price target on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. UBS Group reduced their target price on Atlassian from $230.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Cantor Fitzgerald raised Atlassian from a "neutral" rating to an "overweight" rating and dropped their price target for the company from $304.00 to $272.00 in a report on Wednesday, April 2nd. Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, BMO Capital Markets decreased their target price on Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $285.29.

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 7,674 shares of the business's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total value of $1,730,563.74. Following the sale, the president now owns 192,260 shares of the company's stock, valued at $43,356,552.60. The trade was a 3.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $205.73, for a total value of $1,635,142.04. Following the completion of the sale, the director now owns 47,688 shares in the company, valued at $9,810,852.24. This trade represents a 14.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 310,899 shares of company stock valued at $66,859,457 over the last quarter. 38.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Atlassian by 3.5% in the first quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company's stock valued at $3,606,198,000 after purchasing an additional 580,583 shares in the last quarter. Baillie Gifford & Co. lifted its stake in Atlassian by 7.1% in the 1st quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company's stock valued at $1,845,114,000 after acquiring an additional 573,696 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Atlassian by 21.8% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock worth $730,175,000 after acquiring an additional 616,071 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after acquiring an additional 1,777,179 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

Atlassian Company Profile

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.