5 Best Fast Growth Stocks to Buy Now

1. Atlassian Corporation Plc (NASDAQ:TEAM)

Number of Hedge Fund Holders: 60       

Atlassian Corporation Plc (NASDAQ:TEAM) is an application software firm based in Australia. The emergence of a new COVID-19 variant has given a huge boost to the stock that had already been beating market expectations on growth. As the remote work revolution gathers pace, it has room to climb even higher. 

Canaccord analyst David Hyne recently raised the price target on Atlassian Corporation Plc (NASDAQ:TEAM) stock to $500 from $325 and kept a Buy rating, highlighting that the company was raising market expectations for subscription growth. 

At the end of the third quarter of 2021, 60 hedge funds in the database of Insider Monkey held stakes worth $6 billion in Atlassian Corporation Plc (NASDAQ:TEAM).

Here is what Baron Opportunity Fund has to say about Atlassian Corporation Plc (NASDAQ:TEAM) in its Q2 2021 investor letter:

“Atlassian Corporation Plc is a software leader that makes tools that are used by thousands of teams worldwide, thus its ticker TEAM. Atlassian’s tools “help teams collaborate, build, and create together” (quote from Atlassian’s website), with an emphasis on designing, developing, and maintaining software, including JIRA for team planning and project management, Confluence for team content creation and sharing, HipChat for team messaging and communications, Bitbucket for team software code sharing and management, and JIRA Service Desk for team services and support use cases. Atlassian is the recognized market leader for information technology team planning and project management software, and has extended its product offering into tangential areas, such as those listed above. The company is in the midst of transitioning its business model to the cloud, which will help it drive faster product innovation, more seamlessly integrate its product families, and raise the effective price realization for its suite of products. Atlassian is run by its two visionary founders, has strong competitive advantages, and we think it should be able to grow revenue over 25% for many years with best-in-class free cash flow margins.”

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