Asana Shares Tumble Despite Revenue Beat — 3 Analysts Deep Dive Into Q3 Print
Portfolio Pulse from Priya Nigam
Asana Inc (NYSE:ASAN) shares dropped despite surpassing Q3 revenue expectations. Analysts from Piper Sandler, Oppenheimer, and KeyBanc provided insights, citing concerns over growth deceleration, profitability, and future challenges. Piper Sandler maintained an Underweight rating with a $16 target, Oppenheimer reiterated an Outperform rating with a $28 target, and KeyBanc reaffirmed a Sector Weight rating. Asana's growth deceleration, operating expenses, and billings growth were highlighted as areas of concern, with expectations of continued pressure on renewal activity.
December 06, 2023 | 5:03 pm
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Asana's stock price fell after Q3 earnings, despite beating revenue estimates. Analysts expressed concerns over growth deceleration and profitability, with mixed ratings and price targets.
The negative stock price reaction is likely due to the analysts' concerns about Asana's growth deceleration and profitability challenges. Despite the revenue beat, the outlook remains cautious with potential for continued pressure on the stock in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100