Asana: Wait For Growth To Accelerate Before Investing

Summary:

• I give a hold rating for Asana (ASAN) as I await revenue growth acceleration.
• ASAN’s 3Q25 earnings showed stabilization and better execution, with improvements in ARR, billings, RPO, and customer additions.
• Management’s 4Q25 revenue guidance is encouraging, pointing to potential growth acceleration, supported by accurate past guidance and solid profitability improvements.
• Despite growth potential from AI Studio and organic demand, concerns remain with declining net retention rates and slower growth compared to peers.

Investment Overview

I give a hold rating for Asana, Inc. (NYSE:ASAN) as I await it to report revenue growth acceleration, which management has guided for. There are very promising signs of this happening, but I don’t think investors should

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