Asana price target lowered to $28 from $43 at JMP Securities

JMP Securities analyst Patrick Walravens lowered the firm’s price target on Asana to $28 from $43 and keeps an Outperform rating on the shares. The analyst cites the company’s "mixed" Q3 results with negative operating margin and slower revenue growth relative to the past two quarters. Asana is seeing increasing macro headwinds, longer contract cycles, and shorter billings commitments, but he remains positive on the company’s product superiority in the enterprise, which is supported by its growth rate in the $5K plus category of 52% in the quarter, Walravens tells investors in a research note.