Asana Shares Plunge Post Q3 Beat Due To Slower Growth, Mixed Guidance

Analysts see sharp upside in Asana Inc ASAN post Q3 beat and Q4, FY22 outlook.
JMP Securities analyst Patrick Walravens raised the price target to $95 from $85, implying 39.5% upside, and kept an Outperform.
The analyst notes that the company reported "strong" Q3 results, with revenue up 70% and billings up 56% from the prior year.
Walravens adds that these growth rates were down from Q2, and Asana's guidance was also "mixed."
But he continues to like the company because of its "highly scalable platform" and work graph data model, stating that the company is addressing a large total addressable market estimated to be $50.7 billion in 2025.
Keybanc analyst Steve Enders maintained an Overweight and lowered the price target from $143 to $103, implying a 51.2% upside.
Price Action: ASAN shares traded lower by 24.6% at $68.66 on the last check Friday.

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