Asana (NYSE:ASAN) Shares Gap Up – Time to Buy?

Asana, Inc. (NYSE:ASAN)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $7.21, but opened at $7.60. Asana shares last traded at $7.3880, with a volume of 530,092 shares trading hands.

Analyst Ratings Changes

ASAN has been the subject of a number of recent research reports. Morgan Stanley reduced their price target on Asana from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Friday, May 29th. KeyCorp lowered their price objective on shares of Asana from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, May 29th. DA Davidson reissued a “neutral” rating and issued a $8.00 price objective on shares of Asana in a research report on Friday, May 29th. Royal Bank Of Canada increased their target price on shares of Asana from $7.00 to $8.00 and gave the stock a “sector perform” rating in a report on Friday, May 29th. Finally, Piper Sandler reaffirmed 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. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $9.27.

Asana Trading Up 6.4%

The company has a market cap of $1.77 billion, a P/E ratio of -11.14 and a beta of 0.97. The business has a 50 day moving average price of $6.96 and a 200-day moving average price of $8.27.

Asana (NYSE:ASAN) last released its earnings results on Thursday, May 28th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. The business had revenue of $205.09 million during the quarter, compared to analysts’ expectations of $203.58 million. Asana had a negative net margin of 20.21% and a negative return on equity of 74.32%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the business earned $0.05 earnings per share. Asana has set its FY 2027 guidance at 0.370-0.370 EPS and its Q2 2027 guidance at 0.080-0.090 EPS. On average, sell-side analysts expect that Asana, Inc. will post -0.4 earnings per share for the current year.

Insider Activity

In other news, insider Katie Marie Colendich sold 5,242 shares of Asana stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $6.68, for a total value of $35,016.56. Following the completion of the transaction, the insider owned 176,598 shares of the company’s stock, valued at $1,179,674.64. This trade represents a 2.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Veronica Sosa sold 11,378 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $6.66, for a total transaction of $75,777.48. Following the transaction, the chief accounting officer owned 62,344 shares in the company, valued at $415,211.04. This represents a 15.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 118,304 shares of company stock worth $792,775. 61.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Asana

A number of institutional investors have recently bought and sold shares of the business. Jupiter Asset Management Ltd. lifted its position in shares of Asana by 705.6% in the fourth quarter. Jupiter Asset Management Ltd. now owns 1,374,891 shares of the company’s stock valued at $18,850,000 after buying an additional 1,204,232 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of Asana during the 1st quarter worth approximately $591,000. Leonteq Securities AG increased its holdings in shares of Asana by 246.1% during the 1st quarter. Leonteq Securities AG now owns 24,678 shares of the company’s stock worth $158,000 after acquiring an additional 17,547 shares during the last quarter. Blue Trust Inc. raised its stake in Asana by 13.9% in the 1st quarter. Blue Trust Inc. now owns 33,716 shares of the company’s stock valued at $216,000 after acquiring an additional 4,117 shares during the period. Finally, Wesbanco Bank Inc. raised its stake in Asana by 54.4% in the 1st quarter. Wesbanco Bank Inc. now owns 113,500 shares of the company’s stock valued at $726,000 after acquiring an additional 40,000 shares during the period. Institutional investors and hedge funds own 26.21% of the company’s stock.

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.