Asana rallies 14% on stock buyback plan

Asana

21/06/2024 18:02

** Asana Inc's  ASAN.N  shares up 12% at $12.73, set to snap
5-session losing streak on Fri, after office software firm
unveiled stock buyback
    ** ASAN rises as much as 14.2% to $12.98 on the session.
Stock on course for biggest daily pct gain in over a year
    ** Co late Thurs announced up to $150 mln stock repurchase
program through Jun 30, 2025
    ** Co also reaffirmed previous guidance for Q2 and fiscal
2025, other than net loss/sh due to new repurchase program
    ** ASAN on Thurs fell ~4% to $11.37, a record low close,
extending YTD loss to 40%
    ** Co has ~228.1 mln shares outstanding giving it current
market cap of ~$2.9 bln, per LSEG
    ** Avg rating among 16 analysts covering ASAN is "hold;
median PT of $17 down from $20 a month ago - LSEG

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))