Why are Asana (ASAN), Veeva (VEEV) stocks hogging limelight Thursday?

September 02, 2021 03:26 PM PDT | By Ipsita Sarkar
 Why are Asana (ASAN), Veeva (VEEV) stocks hogging limelight Thursday?
Image source: ImageFlow,Shutterstock

Highlights

  • Asana, Inc’s (NYSE:ASAN) revenue increased by 72% YoY to US$89.5 million in Q2.
  • Veeva Systems Inc’s (NYSE:VEEV) Q2 revenue grew by 29% YoY to US$455.6 million; it has a P/E ratio of 119.19.
  • ASAN’s stock gained 200.20% YTD while Veeva rose 15.01% YTD.

Stocks of Asana, Inc. (NYSE:ASAN) and Veeva Systems Inc. (NYSE:VEEV) were drawing investors’ attention on Thursday, while the former jumped over 15%, the latter fell 6%.

The ASAN stock traded at US$89.255, up 15.50%, at 1:33 pm ET, while VEEV stock was priced at US$313.395, down 6.12%, at 1:32 pm ET.

Asana, Inc.

Asana Inc is a San Francisco, California-based technology company and provides a platform for work management. It helps companies manage work in different domains, like sales and marketing, operations, and new product launch.

The company has a market capitalization of US$15.88 billion. The stock soared on Thursday a day after it reported 72% revenue growth YoY in Q2 of FY 2022.

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The revenue for the quarter ended July 31, 2021, was US$89.5 million compared to US$52.02 million in the comparable quarter of the previous year. The company booked a net loss of US$68.36 million or US$0.40 per share diluted, compared to a net loss of US$41.07 million or US$0.54 per share diluted in Q2 of fiscal 2021.

ASAN expects its Q3 revenue to be between US$93 million to $94 million and full fiscal year 2022 revenue to be in the range of US$357 million to $359 million.

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The ASAN platform is now available in 13 languages, including Swedish, Italian, and Korean. It has around 107,000 paying customers at the end of Q2 FY 2022.

On Wednesday, the company also announced Anne Raimondi as its new chief operating officer, who will succeed COO Chris Farinacci.

The stock gained 200.20% YTD.

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Veeva Systems Inc.

The California-based provides software solutions to the healthcare industry. It has a market capitalization of US$47.75 billion. Veeva’s P/E ratio is 119.19 and the forward P/E ratio for one year is 135.70. Veeva also declared its Q2 FY22 results after the market hours on Wednesday.

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The company’s revenue for the quarter ended July 31, 2021, was US$455.6 million compared to US$353.7 million in the same period a year ago. The net income was US108.9 million or US$0.67 per share diluted compared to US$93.6 million or US$0.58 per share diluted for the July quarter in the previous fiscal year.

Its forward guidance says revenue to be between US$1,830 million and US$1,835 million for the full FY 2022 and between US$464 million and US$466 million in Q3 ended October 31, 2021.

It gained around 15% YTD.

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Bottomline

The technology stocks saw considerable growth during the pandemic. Analysts expect this momentum in the sector to continue in the upcoming quarters due to robust demand for technology products. However, investors must evaluate the stocks in detail before investing.


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