Asana Inc (NYSE:ASAN) shares tanked in early trading on Wednesday, even after the company reported upbeat second-quarter results.

The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.

JMP Securities On Asana

Analyst Patrick Walravens maintained a Market Outperform rating while cutting the price target from $27 to $21.

Asana reported mixed quarterly results, with a non-GAAP loss of five cents per share coming in better than consensus of a loss of eight cents per share, Walravens said in a note.

He added, however, the company’s revenue growth decelerated to 10% year-on-year, from the previous quarter’s 13%, with dollar-based net retention declining to 98%, from 100% in the prior quarter.

Management’s guidance was “disappointing overall,” with projections of a non-GAAP loss of seven cents per share for the fiscal third quarter, higher than the consensus of a loss of four per share, the analyst stated.

While the company’s go-to-market is “slowly improving under CRO Ed McDonnell and CMO Shannon Duffy,” there seems to be room for new CFO Sonalee Parekh to cut costs “with more than $360M in Sales & Marketing spend this year and only about $70M in net new revenue,” he further wrote.

KeyBanc Capital Markets On Asana

Analyst Jackson Ader reaffirmed an Underweight rating while reducing the price target from $12 to $10.

“Deals slipped out of the quarter, large customers are renewing at lower …

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