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Asana (NYSE:ASAN) Soars on Q2 Beat; CEO Acquires More Shares

Shares of work management platform Asana, Inc. (NYSE:ASAN) are up in today’s pre-market session on the back of a robust second quarter showing.

Revenue rose 50.77% year-over-year to $134.9 million, beating estimates by ~$7.6 million. Net loss per share at $0.34 came in narrower than the Street’s expectations by $0.05. The number of customers with a spend of $100,000 or above increased by 105% during this period.

Full-year 2023 revenue is expected between $544 million and $547 million (44% to 45% growth over the prior year).

Separately, the company’s President, CEO, and Chair of the Board, Dustin Moskovitz acquired Asana shares worth $350 million in a private placement. The funds are to be used for working capital and corporate needs.

Moskovitz commented, “I am investing further in Asana because I strongly believe the market opportunity is enormous and that the Work Graph is the best possible solution for helping enterprises achieve their most important goals.”

Is ASAN Stock a Good Buy?

Citigroup analyst Steve Enders has reiterated a Hold rating on Asana while increasing the price target to $24 from $23.

Overall, analysts remain cautiously optimistic about Asana with a Moderate Buy consensus rating and an average price target of $32, implying an upside potential of $35.77%.

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