Atlassian price target lowered to $230 from $255 at Canaccord

Canaccord analyst David Hynes lowered the firm’s price target on Atlassian (TEAM) to $230 from $255 and keeps a Buy rating on the shares. The firm said Atlassian’s FQ4 results were better. Cloud revenue growth beat guidance by nearly three points and accelerated sequentially, and Data Center landed largely in-line, which benefited from price increases that were offset by a strong quarter of Cloud migrations. Management attributed the outcome to sales and partner execution that was just flat out better than FQ3.