10 Best Software 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.

In a report dated February 2, Barclays analyst Ryan MacWilliams shared a positive outlook on Atlassian Corp. (NASDAQ:TEAM). He highlighted that the company delivered stronger-than-expected quarterly results, driven by enterprise growth and steady performance in the small business segment. MacWilliams believes investor confidence in Atlassian’s medium-term revenue growth will improve, given management’s optimistic remarks about increasing customer spending and growing interest in cloud migration. As a result, the analyst raised his price target on Atlassian Corp. (NASDAQ:TEAM) to $350 from $275 and maintained an Overweight rating on the shares.