Atlassian stock dips 5% after Piper Sandler, KeyCorp slash price target
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Atlassian (NASDAQ:TEAM) shares dropped ~5% Friday after two brokerages lowered their price target on the stock.
Piper Sandler cut Atlassian's PT from $414.00 to $384.00, while maintaining an "Overweight" rating, with analyst James Fish noting that the firm's cloud migration are on-track, with management raising cloud revenue estimates.

KeyCorp also kept an Overweight rating, but slashed their PT from $442.00 to $397.00.
The revisions follows the software company's Investor Day event, wherein the management laid down forecast for cloud revenue to grow ~50% Y/Y for FY23 and FY24. Atlassian expects 10 points of cloud revenue growth to be driven by migrations during both years.
Furthermore, the firm estimates its current addressable opportunity to be $29B, growing by 14% annually. Total annual revenue for the markets it serves is expected to grow to $176B by 2025, increasing ~11% per year, according to IDC.
In January, Atlassian (TEAM) raised revenue guidance for 2022, as it expects subscriptions revenue to rise 50% Y/Y.
Atlassian (TEAM) shares climbed 24.22% over the past year, but are down ~21% YTD. Take a look at how Atlassian's key stats compare with those of its peers here.