Asana price target lowered to $18 from $27 at Piper Sandler

Piper Sandler lowered the firm’s price target on Asana (ASAN) to $18 from $27 and keeps an Overweight rating on the shares. The Q4 margin upside and 2026 margin guide up to 5% were encouraging but overshadowed by the CEO succession plan and a tepid growth outlook of 9%, the firm says. Piper notes that the decision by billionaire founder Dustin Moskovitz to step down after 15 years was surprising and may take time for investors to reorient given he was such an instrumental part of the Asana story. That said, the after-hour selloff of 29% appears overdone for a $750M ARR business model with 90% gross margin alongside a new appetite to sustain profitable growth, Piper argues.