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June 03, 2021
First quarter revenue growth accelerated to 61% year over year
Over 100,000 total paying customers
Revenues from customers spending $5,000 or more grew 82% year over year
Raised fiscal year 2022 revenue outlook
SAN FRANCISCO--(BUSINESS WIRE)-- Asana, Inc. (NYSE: ASAN), a leading work management platform for teams, today reported financial results for its first quarter fiscal 2022 ended April 30, 2021.
“We are very pleased with the momentum in our first quarter. We reported accelerated revenue growth of 61 percent year over year, we closed large expansions within our existing base and continued to see momentum with some of our largest enterprise customers," said Dustin Moskovitz, co-founder and chief executive officer of Asana. “Whether teams are fully remote and working from home, or in offices coordinating work across departments and geographies, clarity on who is doing what by when is essential. More and more customers are turning to Asana and the Asana Work Graph to provide a scalable, cross-functional, and easy-to-adopt solution."
First Quarter Fiscal 2022 Financial Highlights
Revenues: Revenues were $76.7 million, an increase of 61% year over year.
Operating Loss: GAAP operating loss was $50.0 million, or 65% of revenues, compared to GAAP operating loss of $29.1 million, or 61% of revenues, in the first quarter of fiscal 2021. Non-GAAP operating loss was $33.3 million, or 43% of revenues, compared to non-GAAP operating loss of $23.9 million, or 50% of revenues, in the first quarter of fiscal 2021.
Net Loss: GAAP net loss was $60.7 million, compared to GAAP net loss of $35.8 million in the first quarter of fiscal 2021. GAAP net loss per share was $0.37, compared to GAAP net loss per share of $0.47 in the first quarter of fiscal 2021. Non-GAAP net loss was $33.8 million, compared to non-GAAP net loss of $23.7 million in the first quarter of fiscal 2021. Non-GAAP net loss per share was $0.21, compared to non-GAAP net loss per share of $0.31 in the first quarter of fiscal 2021.
Cash Flow: Cash flows from operating activities were negative $7.4 million, compared to negative $18.2 million in the first quarter of fiscal 2021. Free cash flow was negative $7.7 million, compared to negative $17.1 million in the first quarter of fiscal 2021.
Announced the availability of Universal Reporting which gives leaders real-time visibility into work across their organization.
Introduced Asana Partners, featuring over 200 Technology Partners including new Zendesk, ServiceNow, Adobe, Canva, InVision, Looker and Lucidchart integrations.
Launched Asana’s Channel Partner network across 75 countries.
Expanded with four new languages - Traditional Chinese, Russian, Dutch, and Polish, with three more languages coming soon.
Named to Inc. Magazine’s annual list of Best Workplaces for the fourth year in a row.
Ended the quarter with over 100,000 paying customers.
The number of customers spending $5,000 or more on an annualized basis grew to 11,272, an increase of 53% year over year.
The number of customers spending $50,000 or more on an annualized basis grew to 485, an increase of 92% year over year.
Overall dollar-based net retention rate was over 115%.
Dollar-based net retention rate for customers with $5,000 or more in annualized spend was 123%.
Dollar-based net retention rate for customers with $50,000 or more in annualized spend was over 140%.
For the second quarter of fiscal 2022, Asana expects:
Revenues of $81.0 million to $83.0 million, representing year over year growth of 56% to 60%.
Non-GAAP operating loss of $44.0 million to $42.0 million.
Non-GAAP net loss per share of $0.27 to $0.26, assuming basic and diluted weighted average shares outstanding of approximately 163 million.
For fiscal year 2022, Asana expects revenues of $336.0 million to $340.0 million, representing year over year growth of 48% to 50%.
https://investors.asana.com/news/news-d ... fault.aspx
Collaboration-software company raises annual forecast as revenue easily outstrips expectations, stock adds more than 9% in after-hours trading
Asana Inc. shares jumped in extended trading Thursday, after the collaboration-software company blew away expectations for revenue growth, and predicted more to come.
Asana ASAN, -0.19% reported a first-quarter loss of $60.7 million, or 37 cents a share, on sales of $76.7 million, up from $47.7 million a year ago, a growth rate that topped 60%. After adjusting for stock-based compensation and other effects, the company reported a loss of 21 cents a share, an improvement from a loss of 31 cents a share last year, when there were less than half the shares available.
Analysts on average expected adjusted losses of 27 cents a share on sales of $70.1 million, according to FactSet. Asana stock gained more than 9% in after-hours trading after the results were released, following a 0.2% daily decline to $36.79.
Asana executives expect the strong revenue growth to continue. The company’s forecast calls for second-quarter sales of $81 million to $83 million, blowing away the consensus estimate of $74.1 million. For the year, executives increased the company’s sales forecast to a range of $336 million to $340 million, after previously stating a range of $309 million to $314 million.
“We are very pleased with the momentum in our first quarter,” Chief Executive and co-founder Dustin Moskovitz, also a Facebook Inc. FB, -0.94% co-founder, said in a statement. “We reported accelerated revenue growth of 61% year over year, we closed large expansions within our existing base and continued to see momentum with some of our largest enterprise customers.”
Jun. 09, 2021
Asana (NYSE:ASAN) is 5.2% higher postmarket after its chief executive officer disclosed buying half a million shares.
CEO/Chairman Dustin Moskovitz bought the shares in several purchases Monday and Tuesday, as the price of the stock ranged between $37.39 and $40.68, according to an SEC filing. (The stock closed today at $41.15.)
Those purchases - pursuant to his Rule 10b5-1 trading plan - brought his direct beneficial holdings to 4,147,046 shares.
Also, General Counsel/Corporate Secretary Eleanor Lacey disclosed selling 20,000 shares after converting options.
(10/06) - Bron: Reuters
** Shares of Asana Inc jumping 9.4% on Thurs and hitting record high after Baird raised its PT on the work management software maker
** Baird analyst Rob Oliver raised his PT to $50 from $40 and reiterated his bullish view
** Oliver wrote in a client note that he expects the co's recently unveiled productivity features to, "add immediate value to ASAN's users by further reducing 'work about work.'"
** Last week, ASAN reported qtrly rev well above estimates
** 9 analysts covering ASAN rate it 'buy' while 2 rate it 'hold.' Their median PT is $46.50, which is slightly ahead of current price of $45.13, according to Refinitiv data
Thanks to the remote work revolution and the digital transformation of businesses all over the world, a company like Asana is emerging as a potential leader in the software space. Asana offers a work management platform that enables individuals to manage and prioritize across different projects. It can be quite difficult to keep everyone on track when it comes to dealing with numerous projects and tasks, which is why Asana is such a valuable tool for any type of business. The platform is powered by a multi-dimensional data model called the work graph that ensures everyone stays on the same page during the workday.
This stock has been a very strong performer since Asana delivered record Q1 earnings back in early June. The company reported revenues of $76.7 million, up 61% year-over-year, and ended the quarter with over 100,000 paying customers. Perhaps the biggest takeaway from the report was the fact that the company issued very strong forward guidance for the fiscal year 2022, including revenues of $336 million to $340 million, representing year-over-year growth of 48% to 50%. The stock has rallied over 34% in June and is a great option to consider buying on dips.
Jun 26th, 2021
Asana logoAsana, Inc. (NYSE:ASAN) hit a new 52-week high during mid-day trading on Thursday following insider buying activity. The stock traded as high as $61.70 and last traded at $61.11, with a volume of 95959 shares. The stock had previously closed at $58.61.
Specifically, insider Eleanor B. Lacey sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $40.07, for a total transaction of $801,400.00. Following the transaction, the insider now directly owns 149,359 shares of the company’s stock, valued at approximately $5,984,815.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Dustin A. Moskovitz purchased 160,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 23rd. The shares were purchased at an average cost of $58.96 per share, for a total transaction of $9,433,600.00. Following the completion of the purchase, the chief executive officer now owns 2,839,728 shares in the company, valued at approximately $167,430,362.88. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 1,460,000 shares of company stock worth $70,861,800 and have sold 117,744 shares worth $4,912,403. 54.43% of the stock is currently owned by corporate insiders.
ASAN has been the subject of a number of recent research reports. Piper Sandler boosted their price objective on Asana from $45.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, June 4th. Jefferies Financial Group boosted their price objective on Asana from $45.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, June 18th. Credit Suisse Group upped their target price on Asana from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Thursday, March 11th. JMP Securities upped their target price on Asana from $40.00 to $50.00 and gave the company a “market outperform” rating in a report on Friday, June 4th. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered Asana from a “hold” rating to a “sell” rating in a report on Wednesday, June 9th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. Asana has a consensus rating of “Buy” and a consensus target price of $40.85.
The company has a market cap of $10.26 billion and a PE ratio of -42.39. The company has a 50-day simple moving average of $38.29.
Asana (NYSE:ASAN) last issued its quarterly earnings data on Wednesday, June 2nd. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.06. The business had revenue of $76.67 million during the quarter, compared to analysts’ expectations of $70.14 million. During the same quarter last year, the business posted ($0.31) EPS. The company’s quarterly revenue was up 60.7% on a year-over-year basis. On average, analysts expect that Asana, Inc. will post -1.46 EPS for the current year.
Several hedge funds have recently modified their holdings of ASAN. Cambridge Investment Research Advisors Inc. bought a new position in Asana in the fourth quarter valued at $446,000. BlackRock Inc. increased its stake in Asana by 20.2% in the fourth quarter. BlackRock Inc. now owns 185,150 shares of the company’s stock valued at $5,470,000 after acquiring an additional 31,144 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Asana in the fourth quarter valued at $665,000. Sei Investments Co. bought a new position in Asana in the fourth quarter valued at $3,524,000. Finally, Blair William & Co. IL bought a new position in Asana in the fourth quarter valued at $1,749,000. Institutional investors own 26.57% of the company’s stock.
https://www.modernreaders.com/news/2021 ... ity-2.html
Don't worry about missing the boat on cloud project management software -- Asana is here.
Cloud-based software applications were a high-growth segment of IT before the pandemic, but COVID-19 accelerated a move to the cloud last year. Against this backdrop, project management toolset provider Asana (NYSE:ASAN) made its public debut via IPO in the autumn of 2020.
This is no one-off pandemic-fueled winner, though. Asana is anticipating another year of rapid growth, building on its strong showing during the worst of the COVID-19 crisis and proving that the migration to the cloud will continue even as the effects of the pandemic ease. It's still early days for this business, though, so it's worth looking at the long-term potential of this possible millionaire-maker stock.
Project management to the cloud
Project management software isn't new. Perhaps you've used tools like Trello or Jira, both of which are products from Atlassian (NASDAQ:TEAM), the largest independent provider of workflow management software. While tech tools like this are a niche in the end-user software realm, they've done pretty well for investors. Since Atlassian made its debut back in December 2015, shares have provided a tidy 840% return. Even after that run, Atlassian is still far from a software industry giant, with an enterprise value (market cap plus debt minus cash and equivalents) of about $64 billion.
But Asana's offering was named best of them all, according to software reviewer G2. Reviewers sung the praise of Asana's easy-to-use interface, simplification of projects to keep business teams focused on actually doing work, and seamless integration with other apps. Tech researcher IDC also recently named Asana a leader among project management and workflow vendors.
Early shareholders likely knew this already, though. Asana stock is up 127% as of this writing from its debut on public markets last autumn.
A strong base to build from
Asana's winning formula is on display in its financial results. Fiscal 2022 first-quarter (the three months ended April 30, 2021) revenue growth accelerated to 61% year-over-year, up from the 59% rate posted last year. For the full fiscal year 2022, revenue is expected to be no less than $336 million, representing a 48% increase. So much for Asana (and other cloud stocks for that matter) being a pandemic bubble.
Underlying those figures are over 100,000 paying customers (Asana has a free-to-use tier with limited features), and overall dollar-based net retention of 115% in its last quarter -- implying the average existing customer spent 15% more with Asana than 12 months ago. This is thanks to more users being added to accounts, as well as account upgrades (unlocking additional features), and speaks to the scalability of Asana as an organization's workflow management needs grow. Even more impressive, though, dollar-based net retention for customers that spend at least $50,000 a year with Asana was over 140% in Q1 -- implying Asana's biggest customers spent 40% more than last year.
Clearly Asana is doing something right and is winning over lots of new business, but this is still a small company with lots of potential. In fact, the whole cloud-based project management space is still wide open. As big as Atlassian has gotten, it too is a fast-growing firm -- it boasted nearly 213,000 paying customers and revenue of $569 million, a 38% annual increase, during its last quarter. Monday.com is no slouch either. It reported revenue of $59 million in Q1 2021, an 85% increase from a year prior, and expects to have an enviable $800 million in cash and equivalents on hand after its IPO.
Asana itself has a solid foundation, with $386 million in cash and equivalents on the books as of the end of April, but it also has convertible debt of $361 million -- not exactly the cleanest balance sheet. However, Asana isn't too far off from breaking even on free cash flow (negative $24.4 million in Q1), so it's not at risk of running out of money as it spends heavily to maximize expansion.
Is Asana a buy?
Could Asana stock help make you a millionaire? Maybe, although it's too soon to say who will be the ultimate winner here. Atlassian is the clear-cut project and workflow management leader at this point, and Monday.com could be a serious challenger too. Though Asana gets top marks for its take on this software niche, know that there is competition with deep pockets out there.
https://www.fool.com/investing/2021/07/ ... gn=article