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Asana, Inc. (ASAN) Presents at Citi's 2026 Global TMT Conference Transcript

Asana (ASAN -12.69%) published its second quarter of fiscal 2027 results after market close on Thursday. The following day, investors let the company know what they thought about the quarter, and obviously, they were unhappy. Across the Friday session, the enterprise software specialist's stock fell by almost 13%.

Boosts by big spenders During the period, Asana grew its revenue by 10% year over year to $216.4 million. The company's tally of "core" clients -- i.e., those spending at least $5,000 on an annualized basis -- rose by 7% to 26,778. And customers spending a minimum of $100,000 (again, annualized) increased by 16% to 890.

Image source: Getty Images.

Net income not under generally accepted accounting principles (non-GAAP, or adjusted) also advanced. It rose by a meaty 57% to $23.8 million, or $0.10 per share.

Both headline numbers came in slightly above the consensus analyst estimates. Pundits tracking the specialized tech stock were modeling a bit over $214 million in revenue and $0.09 per share in adjusted net profit.

In its earnings release, Asana quoted CEO Dan Rogers as saying that "Our core business continues to strengthen, with improving retention, accelerating growth in our upmarket motion and broad-based momentum across industries and geographies."

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Single-digit disappointment In the release, Asana proffered guidance for both its current (third) quarter and the entirety of fiscal 2027. It slightly lifted the bottom end of its revenue forecast, so the range is now $858.5 million to $863.5 million; the previous bottom was $855.5 million. Meanwhile, the company maintained its adjusted net income guidance of $0.37 per share.

This was a key catalyst in Friday's sell-off. Even though the projections align with analyst estimates, the anticipated revenue growth rate is around 9% -- slightly under the second-quarter's 10%. Software stocks have been volatile this year, so many investors are expecting blowout results and guidance indicating monster growth.

They didn't get that with Asana, and to my mind, the company is being unfairly punished. I think this opens a clear "buy at a bargain" opportunity with its stock.

Asana Inc (NYSE:ASAN) reported upbeat second-quarter results and issued soft third-quarter guidance on Thursday.

Asana reported second-quarter revenue of $216.43 million, beating analyst estimates of $214.12 million, according to Benzinga Pro. The company reported adjusted earnings of 10 cents per share, beating estimates of nine cents per share.

"Our core business continues to strengthen, with improving retention, accelerating growth in our upmarket motion and broad-based momentum across industries and geographies," said Dan Rogers, CEO of Asana.

Asana guided for third-quarter revenue of $217 million to $219 million versus estimates of $218.16 million, and adjusted earnings of eight cents per share versus estimates of nine cents per share.

Asana raised its full-year revenue guidance to a range of $858.5 million to $863.5 million versus estimates of $860.90 million. The company reaffirmed its full-year adjusted earnings outlook of 37 cents per share, in line with estimates.

Trending

Asana shares dipped 14% to trade at $8.68 on Friday.

These analysts made changes to their price targets on Samsara following earnings announcement.

Piper Sandler analyst Billy Fitzsimmons maintained the stock with a Neutral and raised the price target from $7 to $9. UBS analyst Taylor McGinnis maintained the stock with a Neutral and raised the price target from $8 to $10. RBC Capital analyst Rishi Jaluria maintained the stock with a Sector Perform and raised the price target from $8 to $9.5. Baird analyst Rob Oliver maintained the stock with a Neutral and raised the price target from $9 to $10. DA Davidson analyst Lucky Schreiner maintained the stock with a Neutral and raised the price target from $8 to $9. Considering buying ASAN stock? Here’s what analysts think:

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Asana, Inc. (ASAN - Free Report) came out with quarterly earnings of $0.1 per share, beating the Zacks Consensus Estimate of $0.09 per share. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +11.11%. A quarter ago, it was expected that this company would post earnings of $0.08 per share when it actually produced earnings of $0.1, delivering a surprise of +25%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Asana, which belongs to the Zacks Internet - Software industry, posted revenues of $216.43 million for the quarter ended July 2026, surpassing the Zacks Consensus Estimate by 1.09%. This compares to year-ago revenues of $196.94 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Asana shares have lost about 28.5% since the beginning of the year versus the S&P 500's gain of 12%.

What's Next for Asana?While Asana has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Asana was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.09 on $218.38 million in revenues for the coming quarter and $0.38 on $860.35 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, SailPoint, Inc. (SAIL - Free Report) , has yet to report results for the quarter ended July 2026. The results are expected to be released on September 9.

This company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of +14.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

SailPoint, Inc. 's revenues are expected to be $310.4 million, up 17.4% from the year-ago quarter.

SAN FRANCISCO--(BUSINESS WIRE)--Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), the operating system for human-agent teams, today reported financial results for its second quarter fiscal 2027 ended July 31, 2026. “Our core business continues to strengthen, with improving retention, accelerating growth in our upmarket motion and broad-based momentum across industries and geographies,” said Dan Rogers, Chief Executive Officer of Asana. “We're also seeing strong momentum across our AI products, with custome.

Shares of Asana, Inc. (NYSE:ASAN – Get Free Report) have been given a consensus rating of “Hold” by the fourteen research firms that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $9.2727.

ASAN has been the topic of several recent research reports. Zacks Research downgraded shares of Asana from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Weiss Ratings restated a “sell (e+)” rating on shares of Asana in a research report on Wednesday, August 5th. Wall Street Zen downgraded shares of Asana from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 12th. Morgan Stanley decreased their price objective on Asana from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Friday, May 29th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Asana in a research report on Monday, August 24th.

Get Our Latest Research Report on Asana

Insider Buying and Selling In other news, CEO Daniel Mark Rogers sold 13,790 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $6.89, for a total transaction of $95,013.10. Following the completion of the transaction, the chief executive officer directly owned 1,891,990 shares in the company, valued at $13,035,811.10. This trade represents a 0.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aziz Megji sold 13,239 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $6.73, for a total value of $89,098.47. Following the completion of the sale, the chief financial officer owned 765,389 shares in the company, valued at $5,151,067.97. The trade was a 1.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 119,959 shares of company stock worth $809,325. Corporate insiders own 87.54% of the company’s stock. Institutional Inflows and Outflows Several hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its position in Asana by 37.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,184,248 shares of the company’s stock valued at $45,979,000 after acquiring an additional 1,969,657 shares during the last quarter. Jupiter Asset Management Ltd. grew its holdings in Asana by 705.6% during the 4th quarter. Jupiter Asset Management Ltd. now owns 1,374,891 shares of the company’s stock worth $18,850,000 after acquiring an additional 1,204,232 shares during the period. Bank of America Corp DE grew its holdings in Asana by 92.6% during the 1st quarter. Bank of America Corp DE now owns 2,237,195 shares of the company’s stock worth $14,318,000 after acquiring an additional 1,075,572 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Asana by 53.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,791,902 shares of the company’s stock worth $38,277,000 after acquiring an additional 977,107 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of Asana by 35.1% in the 4th quarter. Marshall Wace LLP now owns 2,653,145 shares of the company’s stock worth $36,375,000 after acquiring an additional 689,546 shares in the last quarter. Institutional investors own 26.21% of the company’s stock.

Trending Headlines about Asana Here are the key news stories impacting Asana this week:

Positive Sentiment: Asana’s board appointed Aziz Megji to a senior accounting leadership position. The move may strengthen financial reporting and corporate finance operations ahead of the company’s upcoming earnings release. Asana Expands Finance Leadership With New Accounting Role Positive Sentiment: Investors are awaiting Asana’s next earnings report, which could provide fresh evidence on demand for its work-management software and progress toward profitability. In its latest reported quarter, revenue rose 9.5% year over year to $205.1 million and earnings of $0.10 per share exceeded the $0.08 consensus estimate. Asana to Release Earnings on Thursday Neutral Sentiment: CEO Daniel Mark Rogers sold 1,655 shares for approximately $16,550 under a pre-arranged Rule 10b5-1 trading plan. The sale reduced his holdings by only 0.09%, limiting its significance, though insider selling can still attract investor attention. Asana CEO Insider Sale Negative Sentiment: Zacks Research downgraded Asana from “strong buy” to “hold,” potentially weighing on sentiment and signaling that the recent rally may have reduced the stock’s near-term upside. Asana Trading Up 0.4% Asana stock opened at $10.23 on Friday. The stock has a 50-day moving average price of $8.13 and a two-hundred day moving average price of $7.30. Asana has a 12 month low of $5.38 and a 12 month high of $15.71. The company has a market capitalization of $2.36 billion, a PE ratio of -14.83 and a beta of 0.93.

Asana (NYSE:ASAN – Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The company had revenue of $205.09 million for the quarter, compared to analysts’ expectations of $203.58 million. Asana had a negative return on equity of 74.32% and a negative net margin of 20.21%.The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.05 earnings per share. As a group, analysts predict that Asana will post -0.4 earnings per share for the current fiscal year.

About Asana (Get Free Report)

Asana, Inc (NYSE: ASAN) is a leading provider of work management and collaboration software designed to help teams organize, track and manage their work. Founded in 2008 by Dustin Moskovitz and Justin Rosenstein, Asana’s platform enables users to create projects, assign tasks, set deadlines and visualize progress across diverse workflows. The company’s cloud-based solution includes customizable project templates, timeline views, boards and automated rules that streamline routine processes and reduce manual effort.

Built for both small teams and large enterprises, Asana supports integrations with a wide array of third-party applications, including communication tools, file-sharing services and DevOps platforms.

Further Reading Five stocks we like better than Asana Strike a Balance Between Growth and Stability With These 3 Names Ready to Rally Rubrik’s AI Security Bet Could Power the Next Leg Higher Apple’s Foldable iPhone Could Be a Catalyst, But Not a Cure-All Snowflake Is Up Nearly 50% in 2026—What Are Short Sellers Betting Against?

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SAN FRANCISCO--(BUSINESS WIRE)--Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), the operating system for human-agent teams, announced today that it will release financial results for the second quarter fiscal year 2027 on Thursday, September 3, after the close of the U.S. markets. In conjunction with the announcement, the company will host a webcast on the same day at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) to discuss the financial results. The live webcast and replay will be available on the Asa.

Investors might want to bet on Asana, Inc. (ASAN - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.

Therefore, the Zacks rating upgrade for Asana basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Asana imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.

Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for AsanaThis company is expected to earn $0.38 per share for the fiscal year ending January 2027, which represents no year-over-year change.

Analysts have been steadily raising their estimates for Asana. Over the past three months, the Zacks Consensus Estimate for the company has increased 25.2%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Asana to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

A view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. REUTERS/Victoria Klesty Purchase Licensing Rights, opens new tab

CompaniesCOPENHAGEN, July 7 (Reuters) - Norway's sovereign wealth fund, the world's largest, ​said on ​Tuesday it signed a deal with retail real ⁠estate investment ​firm Asana Partners for a strategic ​partnership in which it will own a 49% stake.

Norges ​Bank Investment Management (NBIM) ​said in a statement it ‌has ⁠made an equity commitment of $500 million, and that the ​partnership ​will ⁠invest in open-air shopping centers ​and street retail ​across ⁠the U.S.

Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.

NBIM signed the deal ⁠on ​June 30, ​it added.

Reporting by Louise Rasmussen, ​editing by Essi Lehto

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Asana, Inc. (NYSE: ASAN - Get Free Report)'s stock price reached a new 52-week low during trading on Friday. The stock traded as low as $6.31 and last traded at $6.3850, with a volume of 544955 shares traded. The stock had previously closed at $6.68. Analysts Set New Price Targets Several equities analysts recently issued

Avis Budget Group Today

CAR

Avis Budget Group

$189.61 +2.78 (+1.49%)

As of 06/11/2026 04:00 PM Eastern

52-Week Range$85.96▼

$847.70Price Target$129.63

Investors felt like it was 2021 all over again when shares of Avis Budget Group NASDAQ: CAR soared from $100 to $850 in just over three weeks.

No announcement or breakthrough caused the surge; just a classic short squeeze story involving an artificially-limited float and unbridled risk-seeking behavior.

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The squeeze was orchestrated by a pair of hedge funds that effectively gained control of the entire float. Through stock and swaps, Pentwater Capital and SRS Investment Management controlled more than 80% of the float in a stock already seeing 13% short interest.

As a result, basically no shares were available for shorts to cover, and the feedback loop sent the stock up more than 500%. Like most short squeezes, the trade quickly unwound, and CAR shares are back in the low $200's. But this episode was a great refresher on short-squeeze mechanics and also could set the stage for the next batch of squeezes.

3 Stocks With High Short Interest That Could Squeeze NextA true short squeeze requires three elements: a high level of short interest, a lengthy days to cover period, and a catalyst that can ignite a rally.

High short interest, with more than 5 days to cover, may create a difficult environment for short sellers to locate shares to close their positions. And when shorts are scrambling to cover while buyers pour in, that’s when the feedback loop of the short squeeze really sets in. Here are three stocks that match these criteria.

Groupon: Clean Short Squeeze Setup With Upcoming Earnings CatalystGroupon Today

$16.87 +0.78 (+4.85%)

As of 06/11/2026 04:00 PM Eastern

52-Week Range$9.17▼

$43.08Price Target$28.67

Online discounting marketplace Groupon Inc. NASDAQ: GRPN is always a popular short-squeeze candidate thanks to its earnings volatility and its general inability to turn revenue into profit.

And the shorts have mostly been rewarded over the years as GRPN shares have lost more than 65% of their value over the last five years.

But heavily shorted stocks often provide brief windows of opportunity, and Groupon has the classic short-squeeze setup that traders often seek.

First, GRPN has more than 50% of its float sold short, up more than 5% from the previous month. The stock entered the year with about 40% of the float sold short, so this is an acceleration from earlier levels. And crucially, shorts would need roughly 11.3 days to cover under average trading volume, which opens a lengthy window for a short squeeze to materialize.

In addition to the classic high short interest plus high days to cover combo, Groupon has a catalyst on the horizon with its Q1 2026 earnings release on May 6. An upside surprise could put more pressure on shorts, as the stock has already popped more than 30% in the last month.

Ignore the recent pullback; the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicator both show swelling buying momentum ahead of the earnings catalyst.

Asana: Founder Control Shrinks the Tradable SupplyAsana Today

$7.48 -0.11 (-1.39%)

As of 06/11/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$5.38▼

$15.71Price Target$9.27

Asana Inc. NYSE: ASAN is the work management software platform founded by Dustin Moskovitz, one of the original designers of Facebook and a tech sector staple.

The company has struggled to achieve profitability over its nearly two decades of operations, but recently posted back-to-back positive EPS figures in fiscal Q3 and Q4 2026.

It also posted record revenue of $205.57 million in Q4 2026, which represented more than 9% year-over-year (YOY) growth. Sentiment may be turning in Asana; the stock received a rare upgrade from the Royal Bank of Canada in early April, and the share price has been trending up for the last few weeks.

Nearly 35% of the float is sold short in ASAN, with about 4.2 days to cover. That combo is already an intriguing short-squeeze setup, but Moskovitz’s controlling stake is so large that it artificially reduces the number of shares available for trading. He’s also been a relentless buyer during downturns, creating a dynamic similar to what unfolded at Avis.

Short interest is at its highest level since 2022, but indicators like the RSI and MACD suggest selling pressure is subsiding, and a steady influx of buyers could be the catalyst to ignite the squeeze.

Beyond Meat: Product News and Earnings Keep Volatility ElevatedBeyond Meat Today

$0.70 +0.02 (+3.15%)

As of 06/11/2026 04:00 PM Eastern

52-Week Range$0.50▼

$7.69Price Target$0.83

Few stocks have incinerated capital like Beyond Meat Inc. NASDAQ: BYND, which is down more than 99% since its 2019 IPO.

But that hasn’t stopped management from trying new things, and a few catalysts have the stock actually up more than 30% this month.

First, the company announced a partnership with Big Geyser for a protein-enhanced sports drink called Beyond Immerse. It also launched a new line of breakfast sausages and spicy chicken pieces, the latter to be sold exclusively at Kroger NYSE: KR.

With more than 31% of the float sold short and about 4.0 days to cover, the stock has the technical underpinnings for a short squeeze. A bullish MACD crossover triggered a trend reversal in early April, and now the RSI is back in bullish territory for the first time since early March. The company reports earnings on May 6, so another potential catalyst is waiting in the wings.

Should You Invest $1,000 in Groupon Right Now?Before you consider Groupon, you'll want to hear this.

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SAN FRANCISCO--(BUSINESS WIRE)--Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), the operating system for human-agent teams, today announced it has completed the acquisition of StackAI. StackAI is a no-code AI workflow platform that enables companies to design, test, deploy and govern custom AI agents and intelligent automation of business-critical workflows. The platform connects workflows, data, and actions across enterprise systems such as ERP, CRM and ITSM, to automate operational processes like custo.

Asana has acquired the workflow automation company StackAI for $75 million, part of a larger effort to position itself as an AI-native workplace platform. StackAI’s founders, Tony Rosinol and Bernard Aceituno, will join Asana as part of the acquisition.

Asana framed the acquisition as part of its broader AI pivot, in which it seeks to build its platform into “the operating system for human-agent teams.”

The announcement was announced Thursday afternoon to coincide with Asana’s earnings and investor call.

Built as an AI workflow-automation system, StackAI designs agents to operate within existing business systems, pulling in data from systems like Salesforce, Slack, and Gsuite. Part of Y Combinator’s Winter ’23 cohort, the company has faced fierce competition from automation tools like Zapier as well as AI labs like OpenAI and Anthropic.

StackAI had raised just under $20 million, according to PitchBook data, with most of it coming in a recent $16 million Series A round. That round included funding from Gradient, Epakon Capital, Lobby VC, LifeX Ventures, and Vercel CEO Guillermo Rauch.

While users are likely most familiar with Asana’s work management system, the company has released a number of AI-oriented products in recent years, most notably the AI Studio automation builder and AI Teammates series of pre-built agents. While equivalent tools are available from major labs, Asana sees its deep integration into existing corporate workflows as a key advantage, allowing it to distill context and training data that would otherwise be unavailable.

Asana has struggled on public markets during the AI era, losing more than half its market cap value since the introduction of ChatGPT — a spiral that grew worse with the departure of founder Dustin Moskovitz as CEO last March. But revenue has continued to grow steadily, and the new leadership is confident that its human-agent products will enable it to rebound.

“This acquisition accelerates our roadmap and takes us into the next phase of human-agent work,” said CEO Dan Rogers in a statement. “We’re already seeing real momentum with AI Teammates and AI Studio … StackAI now lets them go further, agentifying the most complex business processes end-to-end.”

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Russell Brandom has been covering the tech industry since 2012, with a focus on platform policy and emerging technologies. He previously worked at The Verge and Rest of World, and has written for Wired, The Awl and MIT’s Technology Review. He can be reached at [email protected] or on Signal at 412-401-5489.

Avis Short Squeeze Shocked the Market: Are These 3 Stocks Next?Asana NYSE: ASAN reported fiscal first-quarter revenue that exceeded its guidance range and said customer retention, expansion activity and adoption of its artificial intelligence products improved during the period.

Chief Executive Officer Dan Rogers said the company generated revenue of $205.1 million in the first quarter of fiscal 2027, up 9.5% from a year earlier. He said non-GAAP operating margin expanded to 11.5%, an improvement of 720 basis points year over year, reflecting “continued progress in driving both growth and operating efficiency across the business.”

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How Did Peter Thiel-Backed Crypto Exchange Bullish's IPO Go?Rogers said the company saw positive trends in customer retention and expansion, with overall in-quarter net retention improving for the fourth consecutive quarter to 97%. He said the improvement was broad-based across gross retention and expansion activity, supported by healthier seat adoption, improved customer engagement and early traction from Asana’s AI products.

AI Products Drive Expansion Activity Rogers said Asana’s strategy is to become “the operating system for human agent teams,” positioning the company around workflows where employees and AI agents collaborate on business-critical processes. He said the company believes many organizations have experienced personal productivity gains from AI chatbots but have not yet translated those gains into broader team or enterprise productivity.

E-Commerce Wars: Asana and Monday.com Battle for the Top SpotThe company highlighted growing adoption of AI Studio, which Rogers said became generally available roughly a year ago. AI Studio is used to automate repeatable work such as intake, classification, routing, quality checks and reporting. Rogers said early data shows customers adopting AI Studio have higher retention and stronger net revenue retention than the broader customer base, with the primary driver being seat expansion rather than lower churn alone.

During the quarter, Rogers said the number of customers spending more than $100,000 annually on AI Studio nearly doubled. In the question-and-answer session, Chief Financial Officer Aziz Megji clarified that those customers were spending more than $100,000 on the AI Studio SKU itself, excluding their core Asana seat spend.

Rogers also discussed AI Teammates, shared AI agents assigned to projects that work alongside employees within Asana’s Work Graph. He said paid conversion from the beta cohort has been strong and that tasks involving AI Teammates are completed nearly nine times faster. Asana said AI product bookings represented 17% of net new annual recurring revenue in the first quarter, ahead of its full-year target of 15%.

StackAI Acquisition Expands AI Workflow Ambitions Asana announced the acquisition of StackAI, a privately held AI software company that offers a no-code AI workflow platform for designing, testing, deploying and governing custom AI agents and intelligent automations. Rogers said StackAI extends Asana’s AI Studio capabilities by enabling workflows across enterprise systems such as CRMs, ERPs, databases, support systems, contracts and custom infrastructure.

Rogers said StackAI accelerates Asana’s roadmap by more than a year. In response to a question from Robert Oliver of Baird, Rogers said customers had been asking to extend AI Studio workflows into third-party systems, and StackAI already had demonstrated traction in complex operating environments, including regulated industries.

Megji said the transaction includes approximately $75 million in upfront cash consideration, along with an equity-based earn-out opportunity. He said the acquisition adds about 50 employees across engineering and AI-focused go-to-market functions. After adjusting for the deal, Megji said Asana would have more than $350 million in cash equivalents and marketable securities remaining on its balance sheet, including an assumption of $3 million of cash on StackAI’s balance sheet.

Customer Metrics and Vertical Trends Improve Megji said Asana ended the quarter with 26,103 “core customers,” defined as customers spending $5,000 or more on an annualized basis. Revenue from core customers grew 10% year over year and represented 76% of total revenue. The company had 817 customers spending $100,000 or more on an annualized basis, up 12% year over year.

Overall dollar-based net retention was 96%, while core customer net retention was 97%. Among customers spending $100,000 or more, net retention was 96%. Megji noted that these figures are trailing four-quarter averages and therefore lag more recent trends.

Rogers said the technology sector returned to positive year-over-year growth for the first time in eight quarters, aided by adoption across multiple products. He cited CoreWeave and Epson as customers that expanded with additional seats and AI products during the quarter. Megji said the improvement in tech was primarily driven by expansion, including add-on AI Studio and AI Teammates adoption, as well as seat expansion and improving retention.

Growth in non-technology sectors continued to outpace overall company growth, according to Rogers. He said international revenue rose 12% year over year, led by EMEA and APAC, and noted new customers including a British athletic apparel brand and IKEA Australia.

Profitability, Cash Flow and Buybacks Megji said Asana’s non-GAAP gross margin was 88%. Research and development expenses were $47.5 million, or 23% of revenue, while sales and marketing expenses were $83.5 million, or 41% of revenue. General and administrative expenses were $26.7 million, or 13% of revenue.

Non-GAAP net income was $24.4 million, or $0.10 per diluted share. Megji said profitability improvements were driven by operating leverage, disciplined spending, infrastructure and cloud cost optimization, and headcount discipline as the company uses AI across internal workflows.

Asana ended the quarter with $424.6 million in cash equivalents and marketable securities. Remaining performance obligations were $518.1 million, up 23% year over year, while current remaining performance obligations grew 18% year over year. Adjusted free cash flow was $34.4 million, or 17% of revenue.

The company repurchased $45 million of Class A common stock during the quarter, buying 7.4 million shares at an average price of $6.11 per share. Megji said Asana had roughly $155 million remaining under its current repurchase authorization as of April 30.

Guidance Includes StackAI Contribution For the second quarter of fiscal 2027, Asana expects revenue of $213 million to $215 million, representing growth of 8.2% to 9.2% year over year. The outlook includes an expected StackAI contribution of about 50 basis points to growth. The company expects non-GAAP operating income of $18 million to $20 million and non-GAAP net income of $0.08 to $0.09 per share.

For the full fiscal year, Asana expects revenue of $855.5 million to $863.5 million, also representing growth of 8.2% to 9.2%. The full-year outlook includes the first-quarter outperformance and an expected StackAI contribution of approximately 50 basis points to growth. Asana expects a full-year non-GAAP operating margin of at least 9.75% and non-GAAP net income of $0.37 per share.

Megji said the company’s outlook continues to assume roughly a two-point drag on annual recurring revenue growth from its product-led growth motion, only modest improvement in net retention over the year, and AI product bookings contributing about 15% of net new ARR in fiscal 2027. He said Asana plans to provide a more comprehensive update on AI product contribution during its second-quarter call.

About Asana NYSE: ASANAsana, Inc NYSE: ASAN is a leading provider of work management and collaboration software designed to help teams organize, track and manage their work. Founded in 2008 by Dustin Moskovitz and Justin Rosenstein, Asana's platform enables users to create projects, assign tasks, set deadlines and visualize progress across diverse workflows. The company's cloud-based solution includes customizable project templates, timeline views, boards and automated rules that streamline routine processes and reduce manual effort.

Built for both small teams and large enterprises, Asana supports integrations with a wide array of third-party applications, including communication tools, file-sharing services and DevOps platforms.

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Asana, Inc. (ASAN) Q1 2027 Earnings Call Transcript

Asana, Inc. (ASAN) Presents at Bank of America 2026 Global Technology Conference Transcript

Asana, Inc. (NYSE: ASAN)(LTSE: ASAN) today unveiled the operating system for human-agent teams: a new product suite designed to help organizations run critical work with humans and AI agents working from the same plan, with the same context, under the same governance — unlocking enterprise productivity at scale. Announced at the Work Innovation Summit in London, the launch marks Asana’s most significant product evolution to date.

The launch arrives at a pivotal moment for enterprises. Today, 75% of knowledge workers use AI on the job*, yet only 5% of companies report meaningful productivity gains**. This is what Asana calls the AI productivity gap, and it comes down to four reasons:

Hard to get started: It's hard for teams to discover the right agents and visualize their current processes and workflows. Agents aren't team players: There is no framework for individuals to interact with agents in multiplayer mode alongside the rest of their team. Agents lack context: Most agents aren't onboarded with the context of how their teams operate, prior decisions, or what their priorities are. Hard to govern: CIOs and IT leaders are concerned about agents operating with unchecked data access and no cost oversight. Organizations need an operating layer on top, a place where humans and agents run critical workflows together.

This is what Asana can deliver today.

What’s new

Agentic Work Management is Asana's easy button for AI productivity across every team. Built to close the AI gap, it delivers in several key ways: supercharging teams with ready-to-go agents, eliminating the busywork that slows every team down, and making sure every individual always knows their next best action.

Agentic Work Management enabled by a new generation of teammates

Agentic Work Management introduces a new way to use Asana, with agents enabled for every layer of the business:

For personal use, an AI Chief of Staff - called Asana Dash - that understands each user’s goals, priorities, and the work that needs attention across teams and tools. It captures follow-ups from meetings, Slack threads, and email, turns them into structured work in the Work Graph, and connects users to the right AI Teammates for specific tasks and projects to move work forward. For teams, AI Teammates are now more capable, more connected, and easier to adopt, with a new chat-based front door, in-product recommendations, a Skills library for repeatable work, and integrations across Gmail, Outlook, Slack, HubSpot, Figma, Canva, and more. Because they operate in a shared system with memory of past decisions and working patterns, each workflow starts with more context and gets sharper over time. For specific industries where teams rely on deeply specialized workflows, Asana is expanding its portfolio of AI Teammates with pre-built, industry-specific agents for high-value workflows in manufacturing, retail, and other industries. Each arrives pre-onboarded to the work it supports, helping teams get value faster. With StackAI, Agentic Work Management extends across enterprise systems

With StackAI, acquired in May 2026, customers can extend Agentic Work Management beyond the Work Graph into the systems where work actually happens. AI Studio, AI Teammates, and StackAI together let customers orchestrate complex, multi-step workflows across CRMs, ERPs, collaboration tools, support systems, contracts, databases, and custom infrastructure — not just within Asana. Teams can plan work, coordinate humans and agents through one shared system, and execute across the enterprise with the context, governance, and handoffs production use demands.

New applications coming soon: the OS packaged for the teams that need it most

Asana is packaging its operating system for the teams whose work is most dependent on coordinated execution.

Asana Service Managementunifies ticketing and project execution for IT, HR, facilities, and other service teams to resolve key issues without human touch. A self-learning knowledge base improves deflection over time. When a request needs another team involved, Asana can move from ticket to project without losing context, something legacy ITSM tools structurally cannot do. Command by Asanais a planning and product development system for humans and agents to work in sync. Specs write themselves from context across past tickets, PRs, meetings, and notes. Releases hold because engineering managers can model their backlog against release dates and run what-if scenarios across capacity and velocity without the spreadsheets. Leaders can ask a question or check the live dashboard to see what's off track, why, and which dependencies are hidden. Asana Client Management runs the full agency lifecycle in one system. Deliver every client a branded portal where all communication lives in one place, keeping them informed and aligned from intake through delivery. AI agents handle the work that slows teams down: capacity planning, SOW creation, asset production, status drafts. And, with a live view of project and client health, resourcing decisions happen before problems surface, not after. "For 18 years, Asana has solved one of the hardest problems in business: helping teams coordinate at scale across goals, decisions, and handoffs. The foundation we built - the Enterprise Work Graph, shared memory, multiplayer coordination, and governance - is precisely what the agentic era requires. Asana's OS is how AI moves from helping individuals work faster to supercharging entire organizations," said Dan Rogers, CEO of Asana.

“Many vendors are repositioning around AI agents, but layering agents onto coordination-centric systems does not address the core challenge of enterprise execution. As organizations move toward more dynamic, cross-system workflows, the need is shifting from coordination to Adaptive Work Orchestration, where humans and AI operate against shared context, with embedded governance and continuous visibility. Asana’s Agentic Work Management approach reflects this shift, combining a structured work graph with orchestration capabilities to support execution across people, systems, and intelligent agents at scale,” says Riana Barnard, Industry Analyst at Frost & Sullivan.

Customers adopting Agentic Work Management

FedEx has deployed AI Studio and AI Teammates across marketing and sales, driving a 9x improvement in speed to market and generating hundreds of thousands of dollars in annual operational savings. In marketing, FedEx consolidated intake from more than 24 forms into a single intelligent workflow using AI Studio, with AI Teammates drafting go-to-market plans and creative briefs, reducing planning cycles from weeks to days and reclaiming over 1,200 hours annually. In sales enablement, intake review time dropped from 90 minutes to 30 minutes, with automated portfolios handling cross-region launch sequencing in real time to optimize seller capacity. At the leadership level, AI Teammates generated summaries and status updates providing 100% visibility into global initiatives, and reclaiming over 300 hours previously spent on manual alignment.

COS, the global fashion brand within the H&M Group, used AI Studio and AI Teammates to transform campaign production across marketing, ecommerce, and regional teams worldwide - cutting campaign setup time by 90%, doubling asset output to more than 1,000 assets per campaign, and eliminating nearly 3,000 hours of annual manual work. As COS put it: "Asana hasn't merely improved our processes - it has redefined how we work."

Asana's Work Innovation Summit comes to London today

Leaders and practitioners from around the world are gathering in London today for Asana's Work Innovation Summit - a day of fresh ideas, hands-on learning, and meaningful connection about how to build the agentic enterprise. Attendees get hands-on time with the latest capabilities and direct access to the peers and experts shaping how humans and agents work together. For more information or to watch on-demand visit here.

Availability

Agentic Work Management, including AI Teammates and AI Studio, is available today. Asana Dash, Asana Service Management, Command by Asana, and Asana Client Management will be made available in phases over the coming months. For the latest information visit asana.com/ai.

About Asana

Asana is the operating system for human-agent teams. Built on the Enterprise Work Graph® and 18 years of multiplayer architecture, Asana is where an organization’s humans and agents run critical workflows together - from a shared plan, with shared memory, backed by enterprise-grade governance. Learn more at asana.com.

*Microsoft and LinkedIn, 2024 Work Trend Index Annual Report: AI at Work Is Here. Now Comes the Hard Part, May 8, 2024.
**Boston Consulting Group, The Widening AI Value Gap, September 30, 2025.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260604472500/en/

Asana, Inc. (ASAN) Discusses Strategy and Innovation in AI-Driven Workflow Automation Transcript