Asana (NYSE:ASAN) Stock Price Down 9.8% – Should You Sell?

Asana, Inc. (NYSE:ASAN) shares were down 9.8% during mid-day trading on Thursday . The stock traded as low as $5.83 and last traded at $5.7850. Approximately 1,284,068 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 5,829,398 shares. The stock had previously closed at $6.41.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ASAN shares. Piper Sandler reissued a “neutral” rating and issued a $7.00 target price (down from $9.00) on shares of Asana in a research report on Tuesday, April 14th. UBS Group decreased their target price on shares of Asana from $16.00 to $9.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Wall Street Zen cut shares of Asana from a “strong-buy” rating to a “buy” rating in a research report on Sunday. HSBC set a $8.00 target price on shares of Asana in a research report on Friday, February 13th. Finally, Citigroup decreased their target price on shares of Asana from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $12.32.

Asana Price Performance

The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -7.37 and a beta of 1.08. The business’s 50-day simple moving average is $6.73 and its two-hundred day simple moving average is $10.71.

Asana (NYSE:ASAN) last announced its quarterly earnings results on Monday, March 2nd. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $205.57 million for the quarter, compared to analysts’ expectations of $205.13 million. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. As a group, sell-side analysts expect that Asana, Inc. will post -0.53 EPS for the current year.

Insider Buying and Selling at Asana

In other Asana news, insider Katie Marie Colendich sold 7,304 shares of Asana stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $7.42, for a total transaction of $54,195.68. Following the transaction, the insider directly owned 108,214 shares of the company’s stock, valued at $802,947.88. The trade was a 6.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 34,151 shares of Asana stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $6.65, for a total transaction of $227,104.15. Following the transaction, the chief financial officer directly owned 933,998 shares in the company, valued at approximately $6,211,086.70. This trade represents a 3.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 70,226 shares of company stock valued at $472,065 over the last ninety days. Corporate insiders own 61.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ASAN. FNY Investment Advisers LLC acquired a new position in shares of Asana during the third quarter worth $27,000. Farther Finance Advisors LLC lifted its position in shares of Asana by 119.7% during the third quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company’s stock worth $34,000 after purchasing an additional 1,391 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Asana by 137.7% during the third quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company’s stock worth $34,000 after purchasing an additional 1,427 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Asana during the fourth quarter worth $50,000. Finally, Daiwa Securities Group Inc. lifted its position in shares of Asana by 64.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock worth $59,000 after purchasing an additional 1,706 shares in the last quarter. 26.21% of the stock is owned by institutional investors and hedge funds.

About Asana

Asana, Inc (NYSE: ASAN) is a leading provider of work management and collaboration software designed to help teams organize, track and manage their work. Founded in 2008 by Dustin Moskovitz and Justin Rosenstein, Asana’s platform enables users to create projects, assign tasks, set deadlines and visualize progress across diverse workflows. The company’s cloud-based solution includes customizable project templates, timeline views, boards and automated rules that streamline routine processes and reduce manual effort.

Built for both small teams and large enterprises, Asana supports integrations with a wide array of third-party applications, including communication tools, file-sharing services and DevOps platforms.