ASAN - Why Asana Stock Got Thrashed on Thursday
Asana (NYSE: ASAN) has less than one week to go before it publishes its latest set of quarterly results, and it seems that pundits aren't expecting a great performance. On Thursday, an analyst initiated coverage of the work platform software developer's stock, and his take didn't exactly inspire folks to scoop up some shares. As a result, Asana fell by nearly 7% on the day.
That analyst is Citigroup 's Steven Enders, who before market open started his coverage of Asana with a neutral recommendation at a price target of $23 per share.
In his research note, Enders wrote that the company is facing significant competition in the workplace platform space. That'll be a challenge to surmount, as compared to certain peers Asana has limited cash on hand. Meanwhile, its costs are high compared to those of competitors.
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Why Asana Stock Got Thrashed on Thursday