Asana Inc ASAN posted upbeat earnings for its third quarter, but issued soft guidance.
Asana’s quarterly revenue increased 41% year-over-year to $141.4 million. The number beat average analyst estimates of $139.37 billion. Asana reported a quarterly net loss of 26 cents per share, which beat estimates for a loss of 32 cents per share.
Asana said it sees fourth-quarter revenue to be between $144 million and $146 million versus average estimates of $151.06 million. The company anticipates a fourth-quarter net loss between 27 and 28 cents per share versus estimates for a loss of 29 cents per share.
Asana shares dropped 13.2% to $15.60 in pre-market trading.
These analysts made changes to their price targets on Asana after the company released quarterly results.
- Piper Sandler cut price target on Asana from $24 to $16. Piper Sandler analyst Brent Bracelin downgraded the stock from Overweight to Neutral.
- Baird slashed Asana price target from $32 to $15. Baird analyst Rob Oliver downgraded the stock from Outperform to Neutral.
- JMP Securities cut the price target on the stock from $43 to $28. JMP Securities analyst Patrick Walravens maintained the stock with a Market Outperform.
- RBC Capital lowered the price target from $15 to $12. RBC Capital analyst Rishi Jaluria maintained the stock with an Underperform rating.
- JP Morgan cut the price target on Asana from $19 to $18. JP Morgan analyst Pinjalim Bora maintained the stock with an Underweight.