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

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Piper Sandler reiterated a “neutral” rating and issued a $7.00 price objective (down from $9.00) on shares of Asana in a research note on Tuesday, April 14th. Royal Bank Of Canada upgraded shares of 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. Robert W. Baird reduced their price objective 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. Jefferies Financial Group reduced their price objective on shares of Asana from $15.00 to $8.00 and set a “hold” rating for the company in a research note on Monday, February 23rd. Finally, Citigroup reduced their price target on shares of Asana from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $12.32.

Asana Price Performance

The stock has a market cap of $1.51 billion, a P/E ratio of -7.94 and a beta of 0.95. The company has a 50 day simple moving average of $6.59 and a 200-day simple moving average of $10.19.

Asana (NYSE:ASAN) last posted its quarterly earnings results on Monday, March 2nd. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate 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%. Asana’s quarterly revenue was up 9.2% compared to the same quarter last year. As a group, research analysts expect that Asana, Inc. will post -0.53 earnings per share for the current year.

Insiders Place Their Bets

In other Asana news, insider Katie Marie Colendich sold 7,304 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.42, for a total value of $54,195.68. Following the completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Veronica Sosa sold 6,479 shares of the business’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 completion of the sale, the chief accounting officer directly owned 73,722 shares of the company’s stock, valued at $490,251.30. This represents a 8.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 70,226 shares of company stock valued at $472,065 over the last three months. Insiders own 61.28% of the company’s stock.

Institutional Trading of Asana

Several hedge funds have recently added to or reduced their stakes in ASAN. FNY Investment Advisers LLC bought a new stake in Asana in the third quarter worth $27,000. Jones Financial Companies Lllp lifted its stake in Asana by 137.7% in 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. Farther Finance Advisors LLC raised its stake 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 valued at $34,000 after acquiring an additional 1,391 shares during the last quarter. Performa Ltd US LLC raised its stake in shares of Asana by 335.1% during the first quarter. Performa Ltd US LLC now owns 6,200 shares of the company’s stock valued at $40,000 after acquiring an additional 4,775 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Asana during the fourth quarter valued at about $50,000. 26.21% of the stock is owned by 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.