ASAN - Asana's Stock Tanks After Q2: 5 Analysts Look At What Happened Outlook | Benzinga
Shares of Asana Inc (NYSE: ASAN) plummeted in trading on Wednesday, after recording losses with other stocks in the pre-market.
The results came amid an exciting earnings season. Here are some key analyst takeaways from Asana’s earnings release.
Piper Sandler On Asana
Analyst Brent Bracelin maintained a Neutral rating and price target of $24.
"Outsized exposure to the software and technology vertical (30% of sales) where layoffs and cost containment remained a growth drag resulted in the eighth quarter of moderating top-line growth,” Bracelin wrote in a note.
Although Asana did beat top-line estimates, "the macro environment and renewal timing that lags layoffs” could result in its revenue growth slowing to the low-to-mid-teens in the back half of the year, the analyst stated. He added that the company’s cost containment efforts and large deal collections were impressive.
Oppenheimer On Asana
Analyst George ...