5 Stocks to Buy Based on Michael Pausic’s Foxhaven Asset Management Portfolio

2. Atlassian Corporation Plc (NASDAQ:TEAM)

Foxhaven Asset Management’s Stake Value: $349.08 million

Percentage of Foxhaven Asset Management’s 13F Portfolio: 10.05%

Number of Hedge Fund Holders: 60

Atlassian Corporation Plc (NASDAQ:TEAM) is an Australian software company. The company was founded in 2002, and in the third quarter of 2021, it was one of the top picks of Foxhaven Asset Management. The fund owns 891,828 shares of Atlassian Corporation Plc (NASDAQ:TEAM) worth $349.08 million, accounting for 10.05% of the fund’s third-quarter portfolio.

Atlassian Corporation Plc (NASDAQ:TEAM) recently posted its first-quarter 2022 results, in which the company posted an EPS of $0.46 compared to the $0.40 estimates.

Atlassian Corporation Plc (NASDAQ:TEAM) was mentioned by the investment management firm Tao Value in their third-quarter 2021 investor letter. Here is what they said:

“Atlassian (TEAM) delivered a “ripper”(quoting management from earnings call) quarter, adding a record 23K new customers last quarter, which is more than the total new customers of full year 2020. The cloud revenue also shows growth acceleration. This is surprisingly impressive, give that TEAM is believed to pull future demand forward to last quarter (i.e. the market expects de-acceleration after such effect) by ending their on-premise offerings in February 2021. As a result, the stock price jumped up 20+% on the earnings day. TEAM has increased 20-fold from our initial purchase and is now growing into our 3rd largest position.”