Here's Why Asana Stock Jumped Today
Shares of work-management software company Asana (NYSE: ASAN) jumped on Friday, benefiting from an upgrade by Wall Street. As of 2:30 p.m. ET, Asana stock was up 8.5%, but it had been up as much as 11% earlier in the trading session.
Asana doesn't report financial results for the fourth quarter of its fiscal 2023 until March 8. But analyst Robert Simmons of DA Davidson isn't waiting to give his opinion about the company. According to CNBC, Simmons raised his outlook for Asana stock today, citing strong download data from third-party research company SensorTower.
Asana's software is cloud based and can be accessed by web browsers -- users don't have to use the mobile app. Free versions are also available. Therefore, while a potential increase in app downloads is encouraging, it's important to remember that this doesn't necessarily mean that this tech company is poised to deliver strong financial results.
Source Fool.com
