Asana、Guidewire、UiPath财报后大跌，企业软件板块承压

Asana ( ASAN ), Guidewire ( GWRE ), and UiPath ( PATH ) plunged following their latest earnings results during early market action on Friday as much of the enterprise software sector slipped into the red. All three stocks had dropped more than 10%. Asana reported a slightly better-than-expected second quarter , with net new annual recurring revenue from AI products increasing 25%. However, analysts noted headwinds from its Product-Led Growth, or PLG, strategy. "ASAN delivered modest upside to F2Q results, yet only partly flowed the upside to the guide as PLG headwinds persisted, along with a timing impact from AI product pricing/packaging changes," said Citi analysts in a Friday investor note. "NN ARR from AI products expanded to 25% from 17% in F1Q with new agentic products rolling out through the year, including a new Agentic Work Management (AWM) package that bundles Teammates, Studio, and Dash into every paid tier and triggering the shift in rev rec timing ($1.2M for F2H). While we had expected ASAN to have made more progress in counteracting PLG challenges, we note accelerating enterprise fundamentals and a material contribution from AI already." Citi retained its Buy rating and edged up its price target on Asana to $12 from $11. Meanwhile, Guidewire tanked more than 15% following its fourth-quarter results , as analysts were divided on its ARR growth. "FY27 ARR outlook calls for $1,450-$1,460M / ~18% y/y cc growth vs. 19% y/y cc exiting FY26 & roughly bracketing prior consensus of $1,454M," said Wells Fargo analyst Michael Turrin in a note. "This implies ~$213M in NNARR (midpoint), roughly in-line w/ ~$210M in FY26, w/ growth in-line w/ its stated 17-18% FY25-FY28 target CAGR. Revs guidance includes total revs of $1,707-1,727M (~1% above consensus at the midpt) on ~16-17% growth with subs +31% y/y, maintenance down ~15%, license down ~20% & prof svcs up ~6%." Wells Fargo maintained its Overweight rating and inched up its price target to $195 from $190. However, Citi said the “modest” ARR outlook “overshadowed” a solid fourth quarter for the provider of software for the property and casualty insurance industry. "Turning to FY27 guidance, ARR growth of 18% y/y cc growth at the midpoint was in-line with consensus but based on our conversation with buy-side investors missed their expectations given the 5 pt disconnect from FY26 fully ramped ARR," Citi analysts noted. Citi retained its Neutral rating on the stock and increased its target price to $181 from $137. UiPath also sank more than 10% despite its second-quarter earnings topping estimates as the beat wasn't as strong as it has been. "FQ2 rev topped the high end of guide by $10M/~3%, a touch below the magnitude of recent beats," said Wells Fargo analyst Michael Turrin in an investor note. "Rev growth of 13% y/y benefited from $8M of FX tailwind in the quarter, or 11% ex-FX. NNARR of $37M beat by $4M, roughly consistent w/ prior patterns (last 5 quarters trending in the $2-6M beat range). While NNARR added was $36M when backing out $1M y/y FX tailwind (vs. $30M in 2Q'26), the comp was its 2nd lowest NNARR quarter ever as a public co." Wells Fargo retained its Equal Weight rating and nudged up its price target to $15 from $13. Similarly, Oppenheimer maintained its Neutral rating, highlighting that evidence of reacceleration is limited. "On balance, the quarter beat is low quality (i.e., from services outperforming and expense discipline rather than an acceleration in demand), the growth for the business is decelerating toward low double digits, and NRR growth remains in single digits," said Oppenheimer analyst Brian Schwartz in a note. "In our view, these items are unlikely to mitigate concerns that intensifying competition in the agentic era from the mega IT and frontier model suppliers will weaken the company's moat and limit long-term growth." UiPath also promoted Hitesh Ramani as its new chief financial officer. He replaces Ashim Gupta, who will now serve exclusively as chief operating officer. Gupta had held both executive roles for the past two years. However, it wasn't a bad day for Samsara, whose share climbed 6% after increasing its guidance . Docusign ( DOCU ) slid 1% following its second-quarter earnings results . Shares initially popped up 7% during post-market trading on Thursday after the company demonstrated AI momentum and raised its forecast. "Management raised FY27 guidance as visibility and underlying trends improved in 2Q following a more measured outlook after 1Q," said Citi analysts in a Friday note. "Supporting data points included faster account growth, DNR rounding up and growth in IAM as a percentage of ARR." Citi has a Neutral rating and $72 price target on Docusign. Needham also retained its Hold rating on the stock. Overall, the software sector was down, as evidenced by the iShares Expanded Tech-Software Sector ETF ( IGV ), declining nearly 2%.