Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund ARTMX returned -1.13%, Advisor Class fund APDMX posted a return of -1.12%, and Institutional Class fund APHMX returned -1.07%, compared to a return of 6.90% for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Artisan Partners highlighted stocks like Atlassian Corporation (NASDAQ:TEAM) in the fourth quarter 2022 investor letter. Headquartered in Sydney, Australia, Atlassian Corporation Plc (NASDAQ:TEAM) is a software product development company. On January 18, 2023, Atlassian Corporation (NASDAQ:TEAM) stock closed at $148.73 per share. One-month return of Atlassian Corporation (NASDAQ:TEAM) was 16.87%, and its shares lost 48.95% of their value over the last 52 weeks. Atlassian Corporation (NASDAQ:TEAM) has a market capitalization of $38.003 billion.
Artisan Partners made the following comment about Atlassian Corporation (NASDAQ:TEAM) in its Q4 2022 investor letter:
“Among our bottom contributors were Atlassian Corporation (NASDAQ:TEAM), SVB Financial Group and Catalent. The tougher macro environment caught up with Atlassian in the quarter as the company is seeing slower software user additions as customers of all sizes moderate hiring and spending. However, the company still expects to grow sales at a mid-20s rate in Q4 and grow its strategically important cloud revenues 40%–45%. These are slower rates than we expected, and could slow further, but Atlassian’s growth metrics remain solid in light of the environment. In the short term, slower revenue growth will likely pressure margins and profitability given the company’s rapid hiring expansion in recent periods. But we detect a meaningful shift in tone from management on expense growth and margins now that top-line growth is slowing. While we fully expect Atlassian to keep investing in its large growth opportunities, we think a prudent reprioritization of this spending will lead to margin tailwinds in the medium term. We are sensitive to the slowing near-term growth dynamics but believe remaining invested is appropriate given the longer term profit growth potential.”
Photo by Danial Igdery on Unsplash
Atlassian Corporation (NASDAQ:TEAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Atlassian Corporation Plc (NASDAQ:TEAM) at the end of the third quarter, which was 66 in the previous quarter.
We discussed Atlassian Corporation (NASDAQ:TEAM) in another article and shared the best cloud computing stocks to buy heading into 2023. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
