Asana (NYSE:ASAN) Shares Down 5.7% – Here’s Why

Asana, Inc. (NYSE:ASAN)’s stock price traded down 5.7% on Tuesday . The stock 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

Several analysts have issued reports on the stock. DA Davidson dropped their price target on shares of Asana from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 3rd. Piper Sandler decreased their price objective on shares of Asana from $14.00 to $9.00 and set an “overweight” rating for the company in a research report on Tuesday, March 3rd. Jefferies Financial Group dropped their target price 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. Robert W. Baird cut their target price on shares of Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Finally, HSBC set a $8.00 price target on Asana in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.46.

Asana Stock Down 4.1%

The firm has a market cap of $1.67 billion, a P/E ratio of -8.81 and a beta of 1.01. The firm’s fifty day moving average is $9.55 and its 200 day moving average is $12.32. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.40 and a current ratio of 1.40.

Asana (NYSE:ASAN) last released its quarterly earnings results on Monday, March 2nd. The company reported $0.08 earnings per share 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 firm had revenue of $205.57 million for the quarter, compared to analysts’ expectations of $205.13 million. Asana’s quarterly revenue was up 9.2% on a year-over-year basis. As a group, equities research analysts anticipate that Asana, Inc. will post -1.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Asana

In other news, COO Anne Raimondi sold 62,165 shares of the business’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $14.31, for a total value of $889,581.15. Following the completion of the sale, the chief operating officer owned 702,013 shares of the company’s stock, valued at approximately $10,045,806.03. The trade was a 8.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Sonalee Elizabeth Parekh sold 24,888 shares of the company’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $13.54, for a total transaction of $336,983.52. Following the completion of 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 269,000 shares of company stock valued at $3,847,063 over the last 90 days. 61.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Asana

Several hedge funds and other institutional investors have recently bought and sold shares of ASAN. FNY Investment Advisers LLC acquired a new position in shares of Asana during the 3rd quarter worth approximately $27,000. Farther Finance Advisors LLC boosted its stake 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 buying an additional 1,391 shares during the period. Jones Financial Companies Lllp grew 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 buying an additional 1,427 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in Asana during the 4th quarter worth $50,000. Finally, Daiwa Securities Group Inc. lifted its position in shares of Asana by 64.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock valued at $59,000 after acquiring an additional 1,706 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.