March 2, 2024


It's the Technology

Is Asana (ASAN) Stock Outpacing Its Computer and Technology Peers This Year?

Investors focused on the Computer and Technology space have likely heard of Asana (ASAN), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of ASAN and the rest of the Computer and Technology group’s stocks.

Asana is a member of the Computer and Technology sector. This group includes 648 individual stocks and currently holds a Zacks Sector Rank of #8. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. ASAN is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for ASAN’s full-year earnings has moved 1.20% higher. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.

Our latest available data shows that ASAN has returned about 357.80% since the start of the calendar year. In comparison, Computer and Technology companies have returned an average of 25.30%. This means that Asana is performing better than its sector in terms of year-to-date returns.

Looking more specifically, ASAN belongs to the Internet – Software industry, which includes 133 individual stocks and currently sits at #166 in the Zacks Industry Rank. Stocks in this group have lost about 7.35% so far this year, so ASAN is performing better this group in terms of year-to-date returns.

ASAN will likely be looking to continue its solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to the company.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Asana, Inc. (ASAN) : Free Stock Analysis Report
To read this article on click here.