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Asana, Inc. (ASAN) Stock Sinks As Market Gains: What You Should Know

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In the latest trading session, Asana, Inc. (ASAN) closed at $54.10, marking a -0.46% move from the previous day. This change lagged the S&P 500's 2.24% gain on the day. Meanwhile, the Dow gained 2.51%, and the Nasdaq, a tech-heavy index, lost 0.2%.

Heading into today, shares of the company had gained 19.56% over the past month, outpacing the Computer and Technology sector's loss of 3.39% and the S&P 500's loss of 2.58% in that time.

Asana, Inc. will be looking to display strength as it nears its next earnings release, which is expected to be March 9, 2022. On that day, Asana, Inc. is projected to report earnings of -$0.28 per share, which would represent a year-over-year decline of 27.27%. Our most recent consensus estimate is calling for quarterly revenue of $105.07 million, up 53.68% from the year-ago period.

Investors might also notice recent changes to analyst estimates for Asana, Inc.These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Asana, Inc. is currently sporting a Zacks Rank of #2 (Buy).

The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 173, putting it in the bottom 32% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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