10 Best SaaS Stocks to Buy According to Billionaires

6. Atlassian Corp. (NASDAQ:TEAM)

Number of Billionaire Investors: 17

Billionaire Holdings: $2.9 Billion

Number of Hedge Fund Holders: 75

Atlassian Corp. (NASDAQ:TEAM) is an Australian software company that designs and develops enterprise software platform for project management, collaboration, issue tracking, integration, deployment, and support services. Its flagship products, Jira and Confluence, are widely used for project management and team collaboration. The company also offers Trello, Bitbucket, and other tools that empower teams to work efficiently.

On January 31, a BMO Capital analyst raised price target on Atlassian Corp. (NASDAQ:TEAM) from $292 to $360 while maintaining an Outperform rating. The analyst believes the company can sustain 20% growth, especially after a tough March quarter. The strong December quarter results reinforced confidence to this outlook, supporting the analyst’s positive stance on the stock. Similarly, on February 2, Barclays analyst Ryan MacWilliams raised Atlassian Corp. (NASDAQ:TEAM)’s price target from $275 to $350 and maintained an Overweight rating. He cited strong quarterly results, driven by enterprise growth and stable small business performance. MacWilliams expects investor confidence to improve as management remains optimistic about customer spending and increasing focus on cloud migration.