Asana eyes record decline as outlook disappoints, CEO plans to retire
Shares of office-management software firm Asana ASAN.N down 27.5% premarket at $12.10, over 4-mth low, after disappointing forecasts and upcoming leadership change
ASAN on track for its worst day since 2020 public debut. Stock's largest one-day decline on record was 26.4% dive on Dec 3, 2022
San Francisco-based ASAN late Mon said its co-founder Dustin Moskovitz intends to retire as CEO upon appointment of a successor
It projected current-qtr and 2025 rev below Wall Street analysts' expectations
At least 5 brokerages cut their PTs on the news, including BofA Global Research ($25 from $30), JP Morgan ($13 from $15) and Jefferies ($15 from $19)
"While AI Studio has an encouraging start and improving profitability is welcome, FY26 has a lot of moving parts against an uncertain macro," Jefferies wrote in note
DA Davidson said with CEO transition and likely increase in demand uncertainty near term it remains on the sidelines
Avg rating among 18 brokerages is "hold" with median PT of $18, LSEG data shows
ASAN lost nearly 9% on Mon amid broad retreat in equities on recession jitters, extending YTD loss to ~18%
Stock opened at $27 on Sept 30, 2020, after co opted for a direct listing rather than a traditional IPO
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