Shares of workflow and productivity software company Atlassian (NASDAQ: TEAM) were falling hard today, down as much as 6.9% in morning trading before recovering to a 4% decline as of 2:32 p.m. ET.
While the overall tech sector was mostly down to start the year, Atlassian's outsized decline was the result of analysts lowering their price target on the stock Tuesday morning.
This morning, a Piper Sandler analyst lowered his price target on Atlassian, from $148 to $140, while keeping a "neutral" rating on the stock, according to The Fly. This was a disappointing start to 2023, as Atlassian had already fallen 66.6% over the past year.
Source Fool.com