Why did Atlassian stock go down today? Wall Street cuts PTs after investor day
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Atlassian (NASDAQ:TEAM) shares fell sharply on Friday after several Wall Street analysts cut their price targets on the software development and collaboration company following its investor day on Thursday.
Piper Sandler analyst James Fish lowered the firm's target to $384 from $414, but kept the overweight rating, noting that its transition to the cloud is on-track.
Cowen analyst Derrick Wood said the event was "relatively in line with expectations" and kept the firm's $330 price target and neutral rating. 
Atlassian (TEAM) shares fell more than 5% to $276.18 on heavier-than-normal volume on Friday.
In addition, KeyBanc analyst Steve Enders lowered the firm's price target to $397, down from $442, but kept his overweight rating on the stock.
At its investor day, Atlassian (TEAM) management said it expects cloud revenue to grow roughly 50% year-over-year in both 2023 and 2024. Approximately 10% of that growth will come from migration to the cloud. 
Additionally, Atlassian (TEAM) expects its current addressable market to be roughly $29 billion, growing 15% annually.
On Wednesday, the software development and collaboration company unveiled a new service, Atlas, which will give a company's employees a central place to say what they are working on.
In January, Atlassian (TEAM) raised revenue guidance for 2022, as it expects subscriptions revenue to rise 50% year-over-year.