Asana (NYSE:ASAN) Rating Lowered to Hold at Zacks Research

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

ASAN has been the topic of a number of other reports. Wall Street Zen lowered shares of Asana from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 12th. Morgan Stanley cut their price objective on Asana from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Friday, May 29th. 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. 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 research report on Friday, May 29th. Finally, Barclays lowered Asana to an “outperform” rating in a research note on Monday. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $9.27.

Asana Stock Up 0.1%

ASAN opened at $9.45 on Tuesday. 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 has a 52-week low of $5.38 and a 52-week high of $15.71. The firm’s fifty day simple moving average is $7.99 and its two-hundred day simple moving average is $7.27.

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 5,242 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $6.68, for a total value of $35,016.56. Following the transaction, the insider directly owned 176,598 shares of the company’s stock, valued at $1,179,674.64. This trade represents a 2.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Daniel Mark Rogers sold 13,790 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $6.89, for a total value of $95,013.10. Following the transaction, the chief executive officer owned 1,891,990 shares in the company, valued at approximately $13,035,811.10. This represents a 0.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 118,304 shares of company stock worth $792,775 in the last 90 days. 87.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Asana

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Optiver Holding B.V. grew 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 period. Performa Ltd US LLC increased its position 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 purchasing an additional 4,775 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in Asana during the fourth quarter worth about $50,000. Summit Securities Group LLC purchased a new position in Asana during the first quarter worth about $53,000. Finally, Daiwa Securities Group Inc. raised its stake in Asana by 64.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock worth $59,000 after purchasing an additional 1,706 shares during the period. Institutional investors and hedge funds 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.