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%.
Read full Disclosure
