In this article, we discuss the 5 stocks to buy now according to Michael Pausic’s Foxhaven Asset Management. If you want to see our detailed analysis of Pausic’s history, and investment philosophy, go directly to the 10 Stocks to Buy Now According to Michael Pausic’s Foxhaven Asset Management.
5. Atlassian Corporation Plc (NASDAQ:TEAM)
Pausic’s Stake Value: $269.90 million
Percentage of Michael Pausic’s 13F Portfolio: 7.36%
Number of Hedge Fund Holders: 64
Atlassian Corporation Plc (NASDAQ:TEAM) is a software company based in Australia that is involved in the development of products for software developers, project managers and other software development teams. Its most notable product is JIRA, a workflow management system for teams to plan, track, collaborate, and manage projects. Ranked 5th on our list of the 10 stocks to buy according to Michael Pausic’s Foxhaven Asset Management, Atlassian Corporation Plc (NASDAQ:TEAM) has a market capitalization of $101.93 billion.
Michael Pausic’s Foxhaven Asset Management currently holds 1.05 million shares of Atlassian Corporation Plc (NASDAQ:TEAM), amounting to $269.90 million in worth. These shares account for 7.36% of the fund’s portfolio. By the end of the second quarter of 2021, 64 hedge funds tracked by Insider Monkey held stakes in Atlassian Corporation Plc (NYSE: TEAM) worth around $4.17 billion, compared to 67 hedge funds in the previous quarter with a total stake value of approximately $3.95 billion.
In the second quarter of 2021, Atlassian Corporation Plc (NASDAQ:TEAM) issued its quarterly earnings report, with actual earnings per share at $0.37, beating estimates by $0.05. The company also reported a revenue of $501.36 million that surpassed estimated revenues by $27.48 million.
In the Q2 2021 Investor Letter, Baron Opportunity Fund highlighted a few stocks and Atlassian Corporation Plc (NASDAQ:TEAM) is one of them. Here is what the fund said:
“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.”
