If you were thinking of buying shares of
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