Asana (NYSE:ASAN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Asana (NYSE:ASAN) from a hold rating to a buy rating in a research report sent to investors on Sunday,Wall Street Zen reports.

ASAN has been the topic of a number of other reports. DA Davidson raised their price target on shares of Asana from $8.00 to $9.00 and gave the company a “neutral” rating in a report on Friday, September 4th. Robert W. Baird boosted their price objective on shares of Asana from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, September 4th. UBS Group increased their target price on shares of Asana from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, September 4th. Citigroup restated a “market outperform” rating on shares of Asana in a research note on Monday, August 24th. Finally, Piper Sandler lifted their price target on shares of Asana from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Friday, September 4th. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $9.95.

Asana Trading Up 1.9%

Shares of NYSE:ASAN opened at $9.31 on Friday. The company has a market capitalization of $2.13 billion, a PE ratio of -14.11 and a beta of 1.19. Asana has a 12-month low of $5.38 and a 12-month high of $15.48. The business’s fifty day simple moving average is $9.18 and its 200-day simple moving average is $7.65.

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

Insider Transactions at Asana

In related news, CFO Aziz Megji sold 3,224 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $9.26, for a total value of $29,854.24. Following the completion of the transaction, the chief financial officer directly owned 726,721 shares of the company’s stock, valued at $6,729,436.46. This trade represents a 0.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Katie Colendich sold 6,318 shares of Asana stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $8.65, for a total transaction of $54,650.70. Following the completion of the sale, the insider owned 155,371 shares of the company’s stock, valued at $1,343,959.15. This trade represents a 3.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 513,663 shares of company stock worth $4,831,520. Insiders own 87.54% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ASAN. Arrowstreet Capital Limited Partnership grew its holdings in shares of Asana by 37.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,184,248 shares of the company’s stock valued at $45,979,000 after buying an additional 1,969,657 shares during the last quarter. Bank of America Corp DE raised its stake in Asana by 92.6% in the 1st quarter. Bank of America Corp DE now owns 2,237,195 shares of the company’s stock worth $14,318,000 after acquiring an additional 1,075,572 shares during the last quarter. First Trust Advisors LP lifted its position in Asana by 12.9% during the 1st quarter. First Trust Advisors LP now owns 1,988,739 shares of the company’s stock worth $12,728,000 after acquiring an additional 227,204 shares during the period. Squarepoint Ops LLC lifted its position in Asana by 108.3% during the 2nd quarter. Squarepoint Ops LLC now owns 888,160 shares of the company’s stock worth $6,217,000 after acquiring an additional 461,858 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Asana by 49.3% during the 1st quarter. Bank of New York Mellon Corp now owns 856,622 shares of the company’s stock valued at $5,482,000 after purchasing an additional 283,054 shares during the last quarter. Hedge funds and other institutional investors own 26.21% of the company’s stock.

About Asana

Asana, Inc develops cloud-based work management software that helps organizations coordinate projects, tasks, goals and business processes. Its platform provides tools for assigning and tracking work, managing timelines and dependencies, communicating about projects, and monitoring progress across teams and departments.

Asana’s products support a range of use cases, including project and portfolio management, workflow automation, strategic planning, marketing campaigns, product development and employee onboarding.