Is Atlassian Corporation PLC (TEAM) a Good Stock To Buy?

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With a general bullishness amongst the heavyweights, some big names have jumped into Atlassian Corporation PLC(NASDAQ:TEAM) headfirst. White Elm Capital created the biggest position in Atlassian Corporation PLC(NASDAQ:TEAM). White Elm Capital had $23.4 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $8.8 million position during the quarter. The other funds with new positions in the stock are John Overdeck and David Siegel’s Two Sigma Advisors, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Ken Griffin’s Citadel Investment Group.

Let’s check out hedge fund activity in other stocks similar to Atlassian Corporation PLC (NASDAQ:TEAM). We will take a look at Gildan Activewear Inc (USA) (NYSE:GIL), American Capital Agency Corp. (NASDAQ:AGNC), FMC Corp (NYSE:FMC), and SS and C Technologies Holdings Inc (NASDAQ:SSNC). This group of stocks’ market values are closest to TEAM’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
GIL 10 84775 -3
AGNC 11 154784 -8
FMC 28 1015438 -9
SSNC 30 1121001 -1

As you can see these stocks had an average of 20 funds with bullish positions and the average amount invested in these stocks was $594 million, which is higher than the $101 million in TEAM’s case. SS and C Technologies Holdings Inc (NASDAQ:SSNC) is the most popular stock in this table with 30 funds holding shares. On the other hand Gildan Activewear Inc (USA) (NYSE:GIL) is the least popular one with only 10 bullish hedge fund positions. Atlassian Corporation PLC (NASDAQ:TEAM) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard SS and C Technologies Holdings Inc (NASDAQ:SSNC) might be a better candidate to consider taking a long position in.

Disclosure: None

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