Asana eyes record decline as outlook disappoints, CEO plans to retire

Asana

11/03/2025 11:53

** Shares of office-management software firm Asana ASAN.N down 27.5% premarket at $12.10, over 4-mth low, after disappointing forecasts and upcoming leadership change

** ASAN on track for its worst day since 2020 public debut. Stock's largest one-day decline on record was 26.4% dive on Dec 3, 2022

** San Francisco-based ASAN late Mon said its co-founder Dustin Moskovitz intends to retire as CEO upon appointment of a successor

** It projected current-qtr and 2025 rev below Wall Street analysts' expectations

** At least 5 brokerages cut their PTs on the news, including BofA Global Research ($25 from $30), JP Morgan ($13 from $15) and Jefferies ($15 from $19)

** "While AI Studio has an encouraging start and improving profitability is welcome, FY26 has a lot of moving parts against an uncertain macro," Jefferies wrote in note

** DA Davidson said with CEO transition and likely increase in demand uncertainty near term it remains on the sidelines

** Avg rating among 18 brokerages is "hold" with median PT of $18, LSEG data shows

** ASAN lost nearly 9% on Mon amid broad retreat in equities on recession jitters, extending YTD loss to ~18%

** Stock opened at $27 on Sept 30, 2020, after co opted for a direct listing rather than a traditional IPO

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))