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The market Asana serves is “somewhat commoditized,” according to Bernstein analyst Zach Chrane.


Gabby Jones/Bloomberg

If you were thinking of buying shares of

Asana,

the project-management software company that just came public via a direct listing on the New York Stock Exchange, you might want to think again.

Bernstein analyst Zach Chrane picked up coverage of Asana (ticker: ASAN) late Thursday with an Underperform rating and $19 target price. The company opened for trading last week at $27, after the NYSE set a reference price” on the stock of $21. Near midday on Friday, the stock was off about 1% to $26.27.

Chrane’s assessment is that there’s nothing all that special about Asana’s software. The company declined to comment on the report.

“Asana provides a project management SaaS [software as a service] solution for relatively basic functions, in a market that is somewhat commoditized, in which we

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  • Asana jumped as much as 10% in its first day of trading on Wednesday.
  • The stock opened at $27 per share, 29% above its reference price of $21. The ensuing climb marked a 10% increase from the opening price.
  • With 155 million shares outstanding, Asana sported a valuation of $4.6 billion at its peak after opening at $4.2 billion.
  • Visit Business Insider’s homepage for more stories.

Asana jumped as much as 10% in its first day of trading on Wednesday, hitting a high of $29.79.

Asana is a work management software company based out of San Francisco. The firm went public via a direct listing rather than the traditional IPO route.

With a reference price of $21 per share, Asana opened at $27 per share in the first minute of trade, giving it a valuation of $4.2 billion. At its peak on Wednesday, Asana sported a

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