Asana

ASAN · NYSE

$10.74+$0.59 (+5.81%)TodayMarket closed · Oct 20, 7:45 PM ET

Prev close $10.15

ASAN analyst rating

HoldConsensus of 12 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy4
Hold7
Underperform1
Sell0

12-month price target · 16 analysts

Average $10.29 (−4.2% downside)

Low: $6.31
Now: $10.74
High: $15.75

Upgrades and downgrades

The latest rating actions, newest first

ASAN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
DA Davidson	Sep 4, 2026	Maintains	Neutral	$8.00 → $9.00	43%
Baird	Sep 4, 2026	Maintains	Neutral	$9.00 → $10.00	52%
RBC Capital	Sep 4, 2026	Maintains	Sector Perform	$8.00 → $9.50	51%
UBS	Sep 4, 2026	Maintains	Neutral	$8.00 → $10.00	48%
Citizens	Sep 4, 2026	Maintains	Market Outperform	$15.00	48%
BTIG	Sep 4, 2026	Maintains	Neutral	—	70%
Piper Sandler	Sep 4, 2026	Maintains	Neutral	$7.00 → $9.00	73%
Citizens	Jul 7, 2026	Maintains	Market Outperform	$15.00	48%
DA Davidson	May 29, 2026	Maintains	Neutral	$8.00	43%
Citigroup	May 29, 2026	Maintains	Buy	$13.00 → $11.00	52%

The case for and against

Updated Oct 14, 2026

Bull case

Asana is supported by accelerating 9.9% Y/Y revenue growth, a revenue beat of $2.4M above the midpoint, and improving customer economics, with overall NRR rising to 97% and 25% of net new ARR now coming from AI products. Its outlook is further strengthened by the rollout of Agentic Work Management, Command, Service Management, Client Management, and StackAI, which expand the platform from workflow coordination into human-agent orchestration and create new monetization paths beyond seat-based pricing. Even with a $1.2M headwind from the consumption revenue transition and lower near-term visibility, the business still raised FY27 revenue guidance to $861M at the midpoint and expects about 10% operating margin, signaling durable profitability progress.

Bear case

Asana is facing a fundamentally challenging setup because it competes with Microsoft, Alphabet, Smartsheet, monday.com, and Airtable in a fragmented market where larger platforms can bundle collaboration tools and intensify pricing pressure. Although F2Q27 revenue rose 9.9% year over year to $216.4 million and AI products drove about 25% of net new ARR, overall net revenue retention remained only 97%, self-serve weakness is expected to persist, and guidance points to slower 8%-9% growth in 3QFY27 with no PLG recovery assumed in FY2027. The company also faces a $1.2 million revenue timing headwind, roughly 150 basis points of gross margin pressure, and ongoing cash burn/lack of profitability, while the founder CEO’s unusually high control raises governance concerns about long-term execution discipline.

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