(C) Reuters. Up 300% in 2021, is Asana Still a Stock Worth Buying?
Software company Asana’s (ASAN) shares have surged more than 300% so far this year and are currently hovering near their all-time price high, thanks to the company’s broad portfolio of products and services. However, does the stock have further upside to deliver? Let’s find out.Leading work management platform provider Asana, Inc. (ASAN), in San Francisco, had an impressive stock market debut in September 2020, going public via a direct listing. On July 21, the company announced that its Asana app for Zoom is now available in the Zoom App Marketplace, which hosts more than 1400 essential tools to boost productivity and collaboration. The stock has gained 304.4% in price year-to-date to close yesterday’s trading session at $119.49, due primarily to increasing demand for remote working solutions.
However, ASAN faces stiff competition from players such as Atlassian Corporation Plc (NASDAQ:TEAM) and Smartsheet Inc . (NYSE:SMAR). Moreover, ASAN’s losses widened in the second quarter, and the company could continue to report losses in the coming quarters. So, ASAN’s near-term prospects look bleak.
Up 300% in 2021, is Asana Still a Stock Worth Buying?
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