Time management software can really give some companies a leg up in managing workflow. Asana (NYSE:ASAN) is one of the biggest names out there. But with competition like Atlassian (NASDAQ:TEAM) and Monday.com (NASDAQ:MNDY), there are plenty of options for interested users. Recently, an analyst reconsidering Asana’s role in the market gave it a little extra edge. Investors got excited and sent Asana surging in Friday afternoon trading.
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Word from D.A. Davison analyst Robert Simmons noted a few key points about Asana that will likely help matters. Sure, Monday.com just came off an absolute winner of a quarter, but don’t count Asana out just yet. Yes, Asana will have some trouble with monetization, Simmons noted, but that trouble won’t be sufficient to slow it down all that much. In fact, investors might see a better beat this quarter than there was in the last.
There are those who think that tools like Asana will have much less value as businesses start their return-to-the-office drives. Companies are trying frantically to get employees to leave the remote work environment they’ve enjoyed for years now in favor of the work environment they hated for decades before that. But the management tools that made remote work possible aren’t likely to fade out completely, and that gives Asana and its contemporaries extra room to work.
Wall Street, meanwhile, is skeptical on the whole. Analyst consensus calls Asana stock a Hold, with two Buys, two Holds, and one Sell clearly fragmenting opinion. Worse, with an average price target of $15.40, it comes with 7.17% downside risk.
