These Analysts Slash Price Targets On Asana Following Weak Guidance

These Analysts Slash Price Targets On Asana Following Weak Guidance

Asana Inc ASAN posted upbeat earnings for its third quarter, but issued soft guidance.

Asana’s quarterly revenue increased 41% year-over-year to $141.4 million. The number beat average analyst estimates of $139.37 billion. Asana reported a quarterly net loss of 26 cents per share, which beat estimates for a loss of 32 cents per share.

Asana said it sees fourth-quarter revenue to be between $144 million and $146 million versus average estimates of $151.06 million. The company anticipates a fourth-quarter net loss between 27 and 28 cents per share versus estimates for a loss of 29 cents per share.

Asana shares dropped 13.2% to $15.60 in pre-market trading.

These analysts made changes to their price targets on Asana after the company released quarterly results.

  • Piper Sandler cut price target on Asana from $24 to $16. Piper Sandler analyst Brent Bracelin downgraded the stock from Overweight to Neutral.
  • Baird slashed Asana price target from $32 to $15. Baird analyst Rob Oliver downgraded the stock from Outperform to Neutral.
  • JMP Securities cut the price target on the stock from $43 to $28. JMP Securities analyst Patrick Walravens maintained the stock with a Market Outperform.
  • RBC Capital lowered the price target from $15 to $12. RBC Capital analyst Rishi Jaluria maintained the stock with an Underperform rating.
  • JP Morgan cut the price target on Asana from $19 to $18. JP Morgan analyst Pinjalim Bora maintained the stock with an Underweight.

Posted In: PT ChangesEarningsNewsGuidancePrice TargetPre-Market OutlookMarketsAnalyst RatingsTrading Ideas