Asana (NYSE:ASAN) Stock Rating Lowered by Zacks Research

Asana (NYSE:ASAN) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

ASAN has been the topic of a number of other reports. Barclays lowered shares of Asana to an “outperform” rating in a research note on Monday. Citizens Jmp reissued a “market outperform” rating and set a $15.00 target price on shares of Asana in a report on Tuesday, July 7th. Citigroup reissued a “market outperform” rating on shares of Asana in a report on Monday. Weiss Ratings restated a “sell (e+)” rating on shares of Asana in a research report on Wednesday, August 5th. Finally, Morgan Stanley lowered their price target on Asana from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Friday, May 29th. Four research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $9.27.

Asana Stock Up 0.1%

ASAN opened at $9.45 on Tuesday. The firm’s fifty day simple moving average is $7.99 and its two-hundred day simple moving average is $7.27. Asana has a 52-week low of $5.38 and a 52-week high of $15.71. The company has a market cap of $2.18 billion, a price-to-earnings ratio of -13.70 and a beta of 0.93.

Asana (NYSE:ASAN) last released its 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 net margin of 20.21% and a negative return on equity of 74.32%. The business had revenue of $205.09 million during the quarter, compared to analysts’ expectations of $203.58 million. During the same quarter in the previous year, the company earned $0.05 earnings per share. The company’s quarterly revenue was up 9.5% on a year-over-year basis. On average, research analysts forecast that Asana will post -0.4 EPS for the current year.

Insider Buying and Selling at Asana

In other Asana news, insider Katie Marie Colendich sold 8,337 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $6.74, for a total value of $56,191.38. Following the completion of the sale, the insider owned 181,840 shares in the company, valued at approximately $1,225,601.60. This represents a 4.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aziz Megji sold 31,696 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $6.66, for a total transaction of $211,095.36. Following the completion of the sale, the chief financial officer owned 778,628 shares of the company’s stock, valued at approximately $5,185,662.48. The trade was a 3.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 118,304 shares of company stock valued at $792,775. Insiders own 87.54% of the company’s stock.

Institutional Investors Weigh In On Asana

A number of large investors have recently made changes to their positions in ASAN. Optiver Holding B.V. increased its holdings in shares of Asana by 2,008.8% in the first quarter. Optiver Holding B.V. now owns 5,251 shares of the company’s stock valued at $34,000 after purchasing an additional 5,002 shares during the last quarter. Performa Ltd US LLC boosted its stake in Asana by 335.1% during the first quarter. Performa Ltd US LLC now owns 6,200 shares of the company’s stock worth $40,000 after buying an additional 4,775 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Asana during the fourth quarter worth $50,000. Summit Securities Group LLC purchased a new stake in Asana in the 1st quarter valued at $53,000. Finally, Daiwa Securities Group Inc. grew its holdings in Asana by 64.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock valued at $59,000 after buying an additional 1,706 shares in the last quarter. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

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.