Is Atlassian Corp. (TEAM) A Smart Long-Term Buy?

Saturna Capital, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here. At the close of the third quarter, the Saturna Sustainable Equity Fund trailed the S&P Global 1200 Index, returning -0.93% vs. -0.65% for the Index. The year-to-date spread between Fund and Index was more pronounced, with returns of 4.60% and 12.49%, respectively. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

Saturna Capital, in its Q3 2021 investor letter, mentioned Atlassian Corporation Plc (NASDAQ:TEAM) and discussed its stance on the firm. Atlassian Corporation Plc is a Sydney, Australia-based software company with an $89.3 billion market capitalization. TEAM delivered a 51.13% return since the beginning of the year, while its 12-month returns are up by 55.33%. The stock closed at $353.44 per share on December 06, 2021.

Here is what Saturna Capital has to say about Atlassian Corporation Plc  in its Q3 2021 investor letter:

“Top performers among the Fund’s holdings for the quarter include Australian software company Atlassian. Atlassian’s niche within the software industry is building products for teams of software developers and project managers. Atlassian’s position as the portfolio’s top contributor and top holding speaks to its relevance, but the company pulls its weight on the ESG front, as well. Atlassian takes an aggressive stance on climate change and in 2020 met its goal to run operations on 100% renewable electricity – five years early. The company has set additional goals to achieve net-zero emissions no later than 2050, as part of their company-wide alignment with a 1.5-degree Celsius trajectory.”

Based on our calculations, Atlassian Corporation Plc (NASDAQ:TEAM) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. TEAM was in 60 hedge fund portfolios at the end of the third quarter of 2021, compared to 64 funds in the previous quarter. Atlassian Corporation Plc (NASDAQ:TEAM) delivered a -8.10% return in the past 3 months.

Disclosure: None. This article is originally published at Insider Monkey.