Asana (NYSE:ASAN) Trading Down 5.7% – Here’s What Happened

Asana, Inc. (NYSE:ASAN)’s share price traded down 5.7% on Tuesday . The company traded as low as $7.31 and last traded at $7.4520. 995,670 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 5,423,431 shares. The stock had previously closed at $7.90.

Analyst Ratings Changes

ASAN has been the topic of a number of research analyst reports. Jefferies Financial Group cut their price target on shares of Asana from $15.00 to $8.00 and set a “hold” rating on the stock in a report on Monday, February 23rd. HSBC set a $8.00 price objective on Asana in a report on Friday, February 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Asana in a research note on Monday, December 29th. KeyCorp decreased their target price on Asana from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 3rd. Finally, Citigroup lowered their price objective on Asana from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.46.

Asana Stock Down 6.7%

The company has a 50-day moving average of $9.82 and a 200-day moving average of $12.41. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of -9.24 and a beta of 1.01.

Asana (NYSE:ASAN) last announced its quarterly earnings data on Monday, March 2nd. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. Asana had a negative net margin of 23.90% and a negative return on equity of 71.50%. The business had revenue of $205.57 million during the quarter, compared to analysts’ expectations of $205.13 million. The firm’s revenue was up 9.2% on a year-over-year basis. On average, equities analysts predict that Asana, Inc. will post -1.09 earnings per share for the current fiscal year.

Insider Activity at Asana

In other news, CFO Sonalee Elizabeth Parekh sold 24,888 shares of the firm’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $13.54, for a total value of $336,983.52. Following the transaction, the chief financial officer owned 968,149 shares in the company, valued at $13,108,737.46. This trade represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Anne Raimondi sold 62,165 shares of Asana stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $14.31, for a total transaction of $889,581.15. Following the sale, the chief operating officer directly owned 702,013 shares in the company, valued at approximately $10,045,806.03. This trade represents a 8.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 269,000 shares of company stock worth $3,847,063. 61.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Asana

Several hedge funds and other institutional investors have recently made changes to their positions in ASAN. FNY Investment Advisers LLC purchased a new stake in Asana in the 3rd quarter valued at $27,000. Farther Finance Advisors LLC grew its holdings in shares of Asana by 119.7% in the third quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company’s stock valued at $34,000 after purchasing an additional 1,391 shares during the period. Jones Financial Companies Lllp increased its position in 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 during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in Asana during the fourth quarter worth about $50,000. Finally, Daiwa Securities Group Inc. boosted its holdings in Asana by 64.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock valued at $59,000 after purchasing an additional 1,706 shares during the last quarter. 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.