5 Latest Stock Picks of Billionaire Steve Cohen

3. Atlassian Corporation Plc (NASDAQ:TEAM)

Stake Value of Point72 Asset Management: $124,140,000

Percentage of Point72 Asset Management’s 13F Portfolio: 0.49%

Number of Hedge Fund Holders: 69

This January, Atlassian Corporation Plc (NASDAQ:TEAM) announced its earnings for the fiscal second quarter of 2022, in which the company beat estimates on both EPS and revenue. Atlassian reported EPS of $0.50 for the quarter, beating estimates by $0.11, while its revenue of $688.53 million represented a 37.33% year-over-year increase and beat estimates by $46.05 million. Atlassian Corporation Plc (NASDAQ:TEAM) shares have gained 17.26% over the past 12 months.

On February 9, 2022, Atlassian Corporation (NASDAQ:TEAM) announced its plans to redomicile its parent holding company from the United Kingdom to the United States. The company believes that this move could help the expansion of its investor base, support inclusion in additional stock indices, streamline its corporate structure, and provide more flexibility in accessing capital, with little to no operational changes.

Morgan Stanley analyst Keith Weiss believes that redomiciling could also prove to be beneficial for Atlassian Corporation (NASDAQ:TEAM) from a tax perspective. As of February 10, 2022, the analyst has an ‘Overweight’ rating on the stock and a $505 price target.

Out of the 924 hedge funds tracked by Insider Monkey that filed 13F for the December 31 reporting period, 69 held stakes in Atlassian Corporation (NASDAQ:TEAM) which amounted to roughly $5.78 billion. Point72 Asset Management was one of those funds, having just added the stock to its 13F portfolio. The fund’s stake in the company was valued at $124.14 million, an investment accounting for 0.49% of its portfolio’s value.

Artisan Partners, a high value-added investment management firm, recently published its fourth quarter 2021 investor letter in which it mentioned Atlassian Corporation (NASDAQ:TEAM). Here’s what the experts at Artisan had to say about the stock:

“Atlassian was among our top performers and contributors in 2021. The company is adding new customers at >2X its pre-pandemic pace and is experiencing strong subscription growth as customers migrate to the cloud. We remain confident in the fundamental outlook as companies of all sizes adopt its tools and as new enterprise-wide product offerings are rolled out. However, we reduced our position size as the stock approached our PMV estimate. The stock remains a high conviction holding, especially after its selloff later in the quarter.”