Asana (NYSE:ASAN) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Asana (NYSE:ASAN) from a strong sell rating to a hold rating in a report released on Monday morning,Zacks reports.

Other equities research analysts also recently issued reports about the company. Citigroup reaffirmed a “market outperform” rating on shares of Asana in a research note on Monday, August 24th. DA Davidson boosted their price target on Asana from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Friday, September 4th. BTIG Research restated a “neutral” rating on shares of Asana in a report on Friday, September 4th. UBS Group restated a “neutral” rating on shares of Asana in a report on Friday, October 16th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Asana in a research report on Tuesday, November 3rd. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Asana presently has a consensus rating of “Hold” and an average target price of $9.95.

Asana Price Performance

Shares of ASAN opened at $9.59 on Monday. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of -14.53 and a beta of 0.99. Asana has a fifty-two week low of $5.38 and a fifty-two week high of $15.28. The business’s 50-day moving average is $9.95 and its 200-day moving average is $8.14.

Asana (NYSE:ASAN) last posted its quarterly earnings results on Thursday, September 3rd. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. Asana had a negative net margin of 18.62% and a negative return on equity of 80.33%. The business had revenue of $216.43 million during the quarter, compared to analysts’ expectations of $214.15 million. During the same period last year, the company posted $0.06 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. Asana has set its FY 2027 guidance at 0.370-0.370 EPS and its Q3 2027 guidance at 0.080-0.080 EPS. Equities research analysts expect that Asana will post -0.53 earnings per share for the current fiscal year.

Insider Activity at Asana

In related news, insider Katie Colendich sold 8,474 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $9.77, for a total value of $82,790.98. Following the completion of the sale, the insider directly owned 161,689 shares in the company, valued at approximately $1,579,701.53. The trade was a 4.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aziz Megji sold 35,444 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $9.53, for a total value of $337,781.32. Following the sale, the chief financial officer directly owned 729,945 shares of the company’s stock, valued at $6,956,375.85. The trade was a 4.63% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 551,360 shares of company stock valued at $5,239,118. Corporate insiders own 87.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Private Advisor Group LLC bought a new stake in Asana during the third quarter valued at about $99,000. Focus Advisor Solutions LLC increased its stake in shares of Asana by 66.4% in the third quarter. Focus Advisor Solutions LLC now owns 28,759 shares of the company’s stock worth $242,000 after purchasing an additional 11,479 shares during the period. Voya Investment Management LLC lifted its position in shares of Asana by 2.3% during the 3rd quarter. Voya Investment Management LLC now owns 4,833,361 shares of the company’s stock worth $40,745,000 after purchasing an additional 108,829 shares during the last quarter. Fulcrum Asset Management LLP lifted its position in shares of Asana by 38,814.3% during the 3rd quarter. Fulcrum Asset Management LLP now owns 81,720 shares of the company’s stock worth $673,000 after purchasing an additional 81,510 shares during the last quarter. Finally, Brighton Jones LLC lifted its position in shares of Asana by 135.7% during the 3rd quarter. Brighton Jones LLC now owns 86,116 shares of the company’s stock worth $726,000 after purchasing an additional 49,575 shares during the last quarter. 26.21% of the stock is currently owned by institutional investors and hedge funds.

Asana Company Profile

Asana, Inc. develops cloud-based work management software that helps organizations coordinate projects, tasks and team workflows. Its platform provides tools for assigning work, setting deadlines, tracking progress and sharing updates across teams. Organizations can use Asana to manage projects and recurring processes, align work with broader goals, and connect workflows with other business applications. The company also offers features designed to help teams automate work and use artificial intelligence within their workflows.