Asana falls on PT cuts, analysts flag macro pressures

Asana

06/09/2023 12:00

** Shares of office software firm Asana Inc  ASAN.N  fall
2.1% to $21.18 before the bell 
    ** At least two brokerages cut price targets with JP Morgan
saying "Asana reported a mixed Q2 with P&L results ahead of
consensus, while forward looking indicators such as billings and
RPO growth continued to decelerate in a meaningful way"  
    ** Analysts at Baird said, "macro pressures continue to
weigh on growth"
    ** ASAN reports Q2 revenue beat and a smaller-than-expected
adjusted loss per share
    ** Forecasts fiscal 2024 revenue of $642.0 mln to $648.0
mln, compared to LSEG estimate of $644.3 mln
    ** 4 of 16 brokerages rate the stock "buy" or higher, 10
"hold" and 2 "sell" or lower; their median PT is $24
    ** Up to Tuesday's close, stock had risen ~57% 

 (Reporting by Mehr Bedi in Bengaluru)
 ((Mehr.Bedi@thomsonreuters.com;))