Atlassian price target lowered to $195 from $230 at Canaccord

Canaccord lowered the firm’s price target on Atlassian to $195 from $230 and keeps a Buy rating on the shares. The firm said both total revenue and cloud revenue beat guidance in the quarter, though by a narrower margin than we’ve seen in the recent past, and the firm largely reiterated growth expectations for the year, though ticked up margins on the back of Q1 outperformance.