Top 5 Stocks Billionaire Mets Owner Steve Cohen Just Added to His Portfolio

3. Atlassian Corporation Plc (NASDAQ:TEAM)

Value of Point72 Asset Management‘s 13F Position: $124 million

Number of Hedge Fund Shareholders: 70

Point72 bought up 325,579 shares of Atlassian Corporation Plc (NASDAQ:TEAM) during Q4, one of a net total of nine money managers that added TEAM to their 13F portfolios during the quarter. Catherine D. Wood’s ARK Investment Management and Steven Boyd’s Armistice Capital also took new stakes in the project management software maker.

Atlassian Corporation Plc (NASDAQ:TEAM) grew its revenue by 37% during its Q2 of fiscal 2022, while its cloud services performed even better, growing sales by 58%. Atlassian is also in the process of redomiciling its parent company to the U.S which it expects to derive several benefits from, including more favorable tax rates, improved access to capital, and inclusion is more indices. The move is expected to be completed during the first half of the company’s fiscal 2023.

While Cohen was buying, Tao Value was trimming its stake in Atlassian Corporation Plc (NASDAQ:TEAM) due to what it perceived to be a high valuation. Here is what the fund had to say about its ownership of the company in its Q4 2021 investor letter:

“We have no new position this quarter and have made below changes to our portfolio. We trimmed Atlassian (TEAM) for the first time since our initial purchase, for its high valuation as well as to control its relative size.”