Asana (NYSE:ASAN) Announces Quarterly Earnings Results

Asana (NYSE:ASAN) announced its earnings results on Thursday. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02, FiscalAI reports. The business had revenue of $205.10 million for the quarter, compared to analyst estimates of $203.58 million. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%.

Asana Trading Up 4.3%

Shares of NYSE:ASAN traded up $0.27 during midday trading on Thursday, hitting $6.68. 9,637,370 shares of the stock were exchanged, compared to its average volume of 5,970,118. Asana has a twelve month low of $5.38 and a twelve month high of $19.00. The stock has a market cap of $1.59 billion, a P/E ratio of -8.35 and a beta of 0.95. The company has a 50 day moving average price of $6.31 and a 200-day moving average price of $9.43.

Analyst Upgrades and Downgrades

ASAN has been the subject of several recent research reports. Morgan Stanley decreased their target price on shares of Asana from $14.00 to $8.00 and set an “underweight” rating for the company in a research note on Tuesday, March 3rd. KeyCorp decreased their price target on Asana from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, March 3rd. Royal Bank Of Canada raised Asana from an “underperform” rating to a “sector perform” rating and set a $7.00 price target for the company in a report on Wednesday, April 1st. Citigroup reduced their price objective 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. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Asana in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $12.32.

Insider Buying and Selling

In related news, CFO Sonalee Elizabeth Parekh sold 34,151 shares of the business’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.65, for a total value of $227,104.15. Following the completion of the transaction, the chief financial officer owned 933,998 shares of the company’s stock, valued at approximately $6,211,086.70. The trade was a 3.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Katie Marie Colendich sold 7,304 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $7.42, for a total transaction of $54,195.68. Following the completion of the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 70,226 shares of company stock worth $472,065 in the last ninety days. Insiders own 61.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ASAN. Aster Capital Management DIFC Ltd acquired a new position in shares of Asana during the 4th quarter valued at about $50,000. Daiwa Securities Group Inc. increased its stake 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 last quarter. Headlands Technologies LLC acquired a new position in shares of Asana during the 2nd quarter valued at about $90,000. Creative Planning acquired a new position in shares of Asana during the 3rd quarter valued at about $141,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Asana during the 4th quarter valued at about $146,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

Asana Company Profile

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.