2 Software Stocks That Surged More Than 10% Over the Past Week

Due to the uncertainty caused by the continuing spread of the COVID-19 omicron variant, software companies are expected to witness rising demand as businesses make significant new investments in advanced software solutions to facilitate remote working. Furthermore…

the adoption of cloud platforms is expected to accelerate as the world’s dependence on remote activities increases.

According to a Forrester’s Research report, event-driven architecture, collaborative work management, and an increase in the use of AI bots are expected in software development next year. Also, the trends in cybersecurity measures, customer retention, low-code development adoption, and other software solutions should propel the industry’s growth.

Given this backdrop, we think software stocks Asana, Inc. (ASAN – Get Rating) and Black Knight, Inc. (BKI – Get Rating), which spiked more than 10% in price last week despite heightened market volatility, could be good additions to one’s  watchlist.

 

Click here to check out our Software Industry Report  

 

Asana, Inc. (ASAN – Get Rating)

San Francisco-based ASAN is a work management platform that enables individuals, team leads, and executives to organize daily tasks and  strategic initiatives. The company enables its users to communicate, monitor status, and oversee work across projects to gain real-time insights. ASAN provides various features in its platform, including timeline, app integration, automation, and other features.

In October, ASAN expanded its Asana Partners network of IT partners to help  complex enterprises to adapt security and scalability. Through this expansion, ASAN should be able to offer enterprises even more control and flexibility as they continue navigating the hybrid work environment.

ASAN’s revenues for the fiscal third quarter, ended October 31, 2021, increased 70.3% year-over-year to $100.34 million. The company’s gross profit grew 75.9% from its year-ago value to $90.76 million. Its net loss decreased 5.5% from the prior-year quarter to $69.28 million. Also, the company’s loss per share declined 43.1% year-over-year to $0.37.

Analysts expect ASAN’s revenue to increase 63.9% year-over-year to $372 million for its fiscal 2022. The company has an impressive earnings surprise history; it beat the consensus…

 

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