Asana (NYSE:ASAN) Announces Earnings Results, Beats Expectations By $0.01 EPS

Asana (NYSE:ASAN) released its quarterly earnings data on Thursday. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01, FiscalAI reports. Asana had a negative net margin of 20.21% and a negative return on equity of 74.32%. The business had revenue of $216.43 million during the quarter, compared to analyst estimates of $214.15 million.

Asana Trading Up 2.6%

Shares of ASAN stock traded up $0.25 on Thursday, reaching $10.05. 9,010,831 shares of the company’s stock were exchanged, compared to its average volume of 5,852,026. The stock has a market capitalization of $2.32 billion, a PE ratio of -14.57 and a beta of 0.95. Asana has a 52 week low of $5.38 and a 52 week high of $15.71. The company’s fifty day simple moving average is $8.32 and its 200 day simple moving average is $7.34.

Insider Activity at Asana

In other news, insider Katie Marie Colendich sold 5,242 shares of Asana stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $6.68, for a total transaction of $35,016.56. Following the completion of the sale, the insider owned 176,598 shares of the company’s stock, valued at approximately $1,179,674.64. The trade was a 2.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Veronica Sosa sold 11,378 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $6.66, for a total value of $75,777.48. Following the completion of the sale, the chief accounting officer owned 62,344 shares of the company’s stock, valued at $415,211.04. The trade was a 15.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 119,959 shares of company stock valued at $809,325 in the last quarter. Corporate insiders own 87.54% of the company’s stock.

Institutional Investors Weigh In On Asana

Institutional investors and hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its holdings in shares of Asana by 53.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,791,902 shares of the company’s stock valued at $38,277,000 after purchasing an additional 977,107 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Asana by 35.1% during the fourth quarter. Marshall Wace LLP now owns 2,653,145 shares of the company’s stock worth $36,375,000 after acquiring an additional 689,546 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Asana by 12.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,214,591 shares of the company’s stock valued at $71,492,000 after acquiring an additional 565,681 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of Asana by 94.7% during the fourth quarter. Federated Hermes Inc. now owns 804,743 shares of the company’s stock valued at $11,033,000 after acquiring an additional 391,412 shares in the last quarter. Finally, Trexquant Investment LP raised its position in shares of Asana by 276.2% in the 4th quarter. Trexquant Investment LP now owns 489,091 shares of the company’s stock valued at $6,705,000 after purchasing an additional 359,085 shares during the last quarter. 26.21% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ASAN has been the topic of several recent research reports. Citizens Jmp restated a “market outperform” rating and set a $15.00 target price on shares of Asana in a research report on Tuesday, July 7th. Zacks Research downgraded Asana from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. UBS Group reaffirmed a “neutral” rating and issued a $8.00 price objective on shares of Asana in a research note on Friday, May 29th. DA Davidson reiterated a “neutral” rating and issued a $8.00 target price on shares of Asana in a report on Friday, May 29th. Finally, KeyCorp cut their target price on Asana from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, May 29th. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $9.27.

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.