Asana (NYSE:ASAN) Shares Down 7.9% – Should You Sell?

Asana, Inc. (NYSE:ASAN)’s share price was down 7.9% during mid-day trading on Monday . The stock traded as low as $6.12 and last traded at $6.1050. Approximately 3,662,496 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 6,016,200 shares. The stock had previously closed at $6.63.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ASAN shares. Jefferies Financial Group lowered their price objective on Asana from $15.00 to $8.00 and set a “hold” rating for the company in a research note on Monday, February 23rd. UBS Group lowered their price objective on Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Asana in a research note on Friday, May 8th. Royal Bank Of Canada raised Asana from an “underperform” rating to a “sector perform” rating and set a $7.00 price objective for the company in a research note on Wednesday, April 1st. Finally, KeyCorp decreased their target price on shares of Asana from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $12.32.

Asana Trading Down 4.9%

The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -7.14 and a beta of 0.95. The business’s 50-day simple moving average is $6.51 and its two-hundred day simple moving average is $9.96.

Asana (NYSE:ASAN) last released its 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 business had revenue of $205.57 million during the quarter, compared to the consensus estimate of $205.13 million. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. On average, analysts forecast that Asana, Inc. will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Asana news, CAO Veronica Sosa sold 6,479 shares of the firm’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.65, for a total transaction of $43,085.35. Following the transaction, the chief accounting officer directly owned 73,722 shares in the company, valued at approximately $490,251.30. This trade represents a 8.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 34,151 shares of the firm’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.65, for a total value of $227,104.15. Following the transaction, the chief financial officer 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 70,226 shares of company stock worth $472,065 in the last ninety days. Corporate insiders own 61.28% of the company’s stock.

Institutional Investors Weigh In On Asana

Several large investors have recently made changes to their positions in ASAN. FNY Investment Advisers LLC purchased a new stake in shares of Asana during the 3rd quarter valued at $27,000. Jones Financial Companies Lllp increased its holdings in Asana by 137.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company’s stock worth $34,000 after acquiring an additional 1,427 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Asana by 119.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company’s stock worth $34,000 after acquiring an additional 1,391 shares during the last quarter. Performa Ltd US LLC increased its holdings in Asana by 335.1% in the 1st quarter. Performa Ltd US LLC now owns 6,200 shares of the company’s stock worth $40,000 after acquiring an additional 4,775 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Asana in the 4th quarter worth about $50,000. 26.21% of the stock is owned by hedge funds and other institutional investors.

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.