Asana Inc. (ASAN) delivered a beat-and-raise quarter on Tuesday, but investors are still trying to figure out what to make of it. The work management software company topped expectations for the third quarter, yet its raised guidance didn't quite match what analysts were hoping for.

The numbers looked solid at first glance. Asana reported adjusted earnings of seven cents per share, edging past the six-cent consensus estimate. Revenue came in at $201.03 million, comfortably ahead of the $198.83 million Street forecast.

"This was a solid quarter, with continued improvement in NRR and momentum with AI Studio," said Dan Rogers, CEO of Asana.

Here's where things got interesting. The company raised its adjusted EPS guidance to between 25 cents and 26 cents for fiscal 2026, but analysts had been expecting 34 cents. Revenue guidance also got a bump to between $789 million and $791 million, though that's considerably short of the $853.4 million estimate Wall Street was modeling.

Despite the guidance gap, Asana shares climbed 6.2% to trade at $14.22 on Wednesday. Investors seemed willing to focus on the quarter's execution rather than the cautious forward outlook.

Following the earnings release, analysts made some moves on their price targets, though they're not exactly singing from the same hymnal. UBS analyst Taylor McGinnis maintained a Neutral rating but lowered the price target from $18 to $16. Meanwhile, RBC Capital analyst Rishi Jaluria kept an Underperform rating while raising the price target from $12 to $14.

The diverging analyst views capture the tension in the Asana story right now: solid operational performance meeting more conservative expectations for what's ahead.