Asana (NYSE:ASAN) Trading Down 5.6% – Here’s What Happened

Shares of Asana, Inc. (NYSE:ASAN) were down 5.6% on Thursday . The stock traded as low as $6.30 and last traded at $6.2650. Approximately 1,371,134 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 5,965,667 shares. The stock had previously closed at $6.64.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ASAN. Piper Sandler restated a “neutral” rating and issued a $7.00 price target (down from $9.00) on shares of Asana in a research report on Tuesday, April 14th. Royal Bank Of Canada raised Asana from an “underperform” rating to a “sector perform” rating and set a $7.00 price objective on the stock in a report on Wednesday, April 1st. UBS Group lowered their price objective on Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. KeyCorp reduced their target price on Asana from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 3rd. Finally, Citigroup decreased their target price on Asana from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.32.

Asana Stock Performance

The company has a 50 day simple moving average of $6.36 and a two-hundred day simple moving average of $9.68. The firm has a market cap of $1.49 billion, a PE ratio of -7.83 and a beta of 0.95.

Asana (NYSE:ASAN) last issued its earnings results on Monday, March 2nd. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. Asana had a negative return on equity of 77.05% and a negative net margin of 23.90%.The firm had revenue of $205.57 million for the quarter, compared to the consensus estimate of $205.13 million. The company’s revenue was up 9.2% compared to the same quarter last year. As a group, research analysts predict that Asana, Inc. will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Katie Marie Colendich sold 7,304 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $7.42, for a total value of $54,195.68. Following the completion of the transaction, the insider owned 108,214 shares of the company’s stock, valued at approximately $802,947.88. This represents a 6.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 34,151 shares of the company’s stock in a transaction dated Friday, March 20th. The stock was 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 directly owned 933,998 shares of the company’s stock, valued at $6,211,086.70. The trade was a 3.53% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 70,226 shares of company stock valued at $472,065. 61.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Asana

Large investors have recently bought and sold shares of the business. Federated Hermes Inc. raised its holdings in Asana by 1,162.2% in the 3rd quarter. Federated Hermes Inc. now owns 413,331 shares of the company’s stock worth $5,522,000 after purchasing an additional 380,583 shares during the period. Hussman Strategic Advisors Inc. raised its holdings in shares of Asana by 42.9% during the third quarter. Hussman Strategic Advisors Inc. now owns 210,000 shares of the company’s stock valued at $2,806,000 after acquiring an additional 63,000 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Asana during the third quarter valued at approximately $555,000. State of Alaska Department of Revenue acquired a new position in shares of Asana during the third quarter valued at approximately $93,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Asana during the third quarter valued at approximately $27,000. Institutional investors and hedge funds own 26.21% of the company’s stock.

About Asana

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.