Asana (NYSE:ASAN) Shares Down 7.7% – Here’s What Happened

Asana, Inc. (NYSE:ASAN)’s share price dropped 7.7% during trading on Wednesday . The company traded as low as $7.96 and last traded at $8.01. Approximately 1,162,946 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 6,219,100 shares. The stock had previously closed at $8.68.

Analyst Ratings Changes

Several equities research analysts have recently commented on ASAN shares. UBS Group reissued a “neutral” rating and set a $8.00 target price on shares of Asana in a research report on Friday. Citigroup reissued a “market outperform” rating on shares of Asana in a report on Friday, May 29th. Weiss Ratings reissued a “sell (e+)” rating on shares of Asana in a research note on Friday, May 8th. 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 report on Friday. Finally, Jefferies Financial Group cut their target price on Asana from $15.00 to $8.00 and set a “hold” rating on the stock in a research report on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, Asana has an average rating of “Hold” and a consensus price target of $10.96.

Asana Stock Performance

The stock has a market cap of $1.90 billion, a PE ratio of -11.59 and a beta of 1.02. The business has a 50 day moving average price of $6.38 and a two-hundred day moving average price of $9.32.

Asana (NYSE:ASAN) last issued its quarterly earnings results on Thursday, May 28th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Asana had a negative return on equity of 74.32% and a negative net margin of 20.21%.The business had revenue of $205.10 million for the quarter, compared to analyst estimates of $203.58 million. During the same period last year, the company posted $0.05 earnings per share. Asana’s quarterly revenue was up 9.5% compared to the same quarter last year. Asana has set its FY 2027 guidance at 0.370-0.370 EPS and its Q2 2027 guidance at 0.080-0.090 EPS. As a group, research analysts anticipate that Asana, Inc. will post -0.53 earnings per share for the current year.

Insider Activity at Asana

In related news, CAO Veronica Sosa sold 6,479 shares of the stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.65, for a total transaction of $43,085.35. Following the completion of the transaction, the chief accounting officer owned 73,722 shares in the company, valued at approximately $490,251.30. This represents a 8.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Katie Marie Colendich sold 7,304 shares of Asana stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $7.42, for a total transaction of $54,195.68. Following the completion of the sale, the insider directly owned 108,214 shares in the company, valued at approximately $802,947.88. This represents a 6.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 70,226 shares of company stock worth $472,065. 61.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Asana

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Asana by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 13,173,305 shares of the company’s stock valued at $180,606,000 after acquiring an additional 48,847 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Asana by 37.8% during 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 period. Goldman Sachs Group Inc. increased its stake in shares of Asana by 53.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,791,902 shares of the company’s stock worth $38,277,000 after purchasing an additional 977,107 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Asana by 35.1% in the fourth quarter. Marshall Wace LLP now owns 2,653,145 shares of the company’s stock worth $36,375,000 after purchasing an additional 689,546 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Asana by 92.6% in the first quarter. Bank of America Corp DE now owns 2,237,195 shares of the company’s stock valued at $14,318,000 after purchasing an additional 1,075,572 shares during the period. Hedge funds and other institutional investors own 26.21% of the company’s stock.

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.