FBN Securities Lifts Asana, Inc. (ASAN)’s Price Target to $18, Maintains Outperform Rating

On Wednesday, analysts at FBN Securities raised Asana, Inc. (NYSE:ASAN)’s price target to $18 from $17, and maintained an Outperform rating for its shares.

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The revisions follow the company’s Q1 FY26 earnings call, in which it reported quarterly revenue of $187.3 million, a 9% year-over-year increase and exceeding the high end of the guidance. Asana, Inc. (NYSE:ASAN)’s non-GAAP operating income stood at $8.1 million, representing 4% of revenues, compared to a loss of $15.8 million, or 9% of revenues, in the prior year’s period.

A key factor behind the adjustment was a strong margin expansion. The non-GAAP operating margin expanded 1,300 basis points from last year and exceeded Q1’s guidance by 300 basis points. The improvement was partially attributed to Asana, Inc. (NYSE:ASAN)’s strategy of hiring from lower-cost regions such as Reykjavik and Warsaw.

Additionally, adjusted free cash flow also improved to $9.9 million, from negative $4.3 million in Q1 FY25. The company also had an impressive quarter in non-tech verticals, led by manufacturing, energy, media, entertainment, and financial services sectors.

Asana, Inc. (NYSE:ASAN) is a leading enterprise work management software platform. It has over 170,000 customers who rely on the company to align teams and accelerate organizational impact.

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Disclosure: None.