ASAN - Asana stock falls as analysts lower price targets following wider Q1 loss
Asana (NYSE:ASAN) stock has lost 12.1% to $21.20 in Friday morning trade, as several analysts lowered their price target on the software company following its Q1 2023 results. Friday's losses follow a 13.7% gain in the stock yesterday ahead of its quarterly report. ASAN after hours posted Q1 non-GAAP EPS of -$0.30 which beat expectations by $0.06. The company had reported non-GAAP EPS of -$0.21 last year. Q1 revenue grew 57.4% Y/Y to $120.65M, which beat estimates by $5.54M. The company also guided its Q2 non-GAAP loss per share to be $0.39-$0.38 vs. consensus EPS estimates of -$0.37. Analysts at Oppenheimer lowered their price target on ASAN stock to $40 from $60, JMP Securities cut its PT to $43 from $68, Baird slashed its PT to $31 from $65, while Piper Sandler's new PT was $35 from $55 earlier. Baird's Rob Oliver noted that Asana reported a solid Q1 with continued enterprise momentum as the company landed
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Asana stock falls as analysts lower price targets following wider Q1 loss