Asana (NYSE:ASAN) Shares Gap Down – Here’s What Happened

Asana, Inc. (NYSE:ASAN)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $7.08, but opened at $6.73. Asana shares last traded at $7.1950, with a volume of 666,740 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ASAN. Citigroup reissued a “market outperform” rating on shares of Asana in a research note on Friday, May 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $7.00 price target (down from $9.00) on shares of Asana in a research note on Tuesday, April 14th. UBS Group reiterated a “neutral” rating and set a $8.00 price objective on shares of Asana in a report on Friday, May 29th. Morgan Stanley cut their price objective on shares of Asana from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Friday, May 29th. Finally, Royal Bank Of Canada raised their target price on Asana from $7.00 to $8.00 and gave the company a “sector perform” rating in a research note on Friday, May 29th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Asana has a consensus rating of “Hold” and an average price target of $9.27.

Asana Stock Up 3.2%

The company has a 50-day moving average price of $7.00 and a two-hundred day moving average price of $8.17. The stock has a market capitalization of $1.68 billion, a P/E ratio of -10.56 and a beta of 0.97.

Asana (NYSE:ASAN) last released its quarterly earnings data on Thursday, May 28th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $205.09 million during the quarter, compared to analyst estimates of $203.58 million. Asana had a negative net margin of 20.21% and a negative return on equity of 74.32%. Asana’s revenue was up 9.5% compared to the same quarter last year. 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, CAO Veronica Sosa sold 11,378 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $6.66, for a total transaction of $75,777.48. Following the completion of the transaction, the chief accounting officer directly owned 62,344 shares in the company, valued at $415,211.04. The trade was a 15.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel Mark Rogers sold 26,975 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $6.66, for a total transaction of $179,653.50. Following the completion of the transaction, the chief executive officer directly owned 1,905,780 shares in the company, valued at approximately $12,692,494.80. The trade was a 1.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 118,304 shares of company stock valued at $792,775 in the last quarter. 61.28% of the stock is currently owned by company insiders.

Institutional Trading of Asana

A number of large investors have recently modified their holdings of ASAN. Arrowstreet Capital Limited Partnership increased its position in shares of Asana by 37.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,184,248 shares of the company’s stock worth $45,979,000 after purchasing an additional 1,969,657 shares during the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of Asana by 705.6% in the 4th quarter. Jupiter Asset Management Ltd. now owns 1,374,891 shares of the company’s stock worth $18,850,000 after buying an additional 1,204,232 shares during the last quarter. Bank of America Corp DE raised its position in shares of Asana by 92.6% during the 1st quarter. Bank of America Corp DE now owns 2,237,195 shares of the company’s stock valued at $14,318,000 after buying an additional 1,075,572 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Asana by 53.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,791,902 shares of the company’s stock valued at $38,277,000 after buying an additional 977,107 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Asana by 35.1% during the 4th quarter. Marshall Wace LLP now owns 2,653,145 shares of the company’s stock worth $36,375,000 after acquiring an additional 689,546 shares during the last quarter. Institutional investors 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.