Analysts Raise Price Targets on Asana Following Q2 Results
<p><a href='https://financialmodelingprep.com/financial-summary/ASAN'>Asana, Inc. (NYSE:ASAN) </a>share prices are up 24% since last Thursday’s Q2 earnings report, when the company provided better-than-expected quarterly results and raised its outlook for the next quarter. The company delivered an EPS of ($0.23) beating the Street estimate of ($0.26), and a revenue of $89.5 million, above the consensus estimate of $82.31 million. For Q3, the company estimates EPS to range from ($0.27) to ($0.26), versus the Street estimate of ($0.28). </p>
<p>Today Berenberg Bank raised its price target on Asana to $105 from $45, expecting the growing number of languages (13 versus 7 earlier this year) and the recent launch of its channel partner program (now in 75 countries) to accelerate international revenue, while new product releases/upgrades are likely to continue to support improvement in NRR. </p>
<p>According to the brokerage, the recent quarterly results have demonstrated for the second quarter in a row that the company is succeeding in winning over wall-to-wall large enterprise deployments. The analysts previously assumed that the company’s young sales force would find it more difficult to penetrate this market given the technical complexities of marketing to larger organizations and the longer sales cycles, however, that is no longer the case, given the company’s reported revenue growth of 97% year-over-year from customers spending $5k+, and 111% year-over-year growth in the number of customers spending 50k+.</p>

NYSE:ASAN