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

Asana (NYSE:ASAN) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday, Zacks reports.

Other research analysts have also issued research reports about the stock. Robert W. Baird raised their target price on shares of Asana from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, September 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Asana in a report on Tuesday, November 3rd. DA Davidson upped their target price on shares of Asana from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Friday, September 4th. Barclays downgraded Asana to an “outperform” rating in a research note on Monday, August 24th. Finally, Wall Street Zen raised Asana from a “hold” rating to a “buy” rating in a research note on Sunday, October 4th. 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $9.95.

Asana Stock Down 4.3%

Asana stock opened at $9.59 on Monday. The business’s 50-day simple moving average is $9.95 and its 200 day simple moving average is $8.14. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -14.53 and a beta of 0.99. Asana has a 12-month low of $5.38 and a 12-month high of $15.28.

Asana (NYSE:ASAN) last announced its quarterly earnings data on Thursday, September 3rd. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The firm had revenue of $216.43 million during the quarter, compared to analyst estimates of $214.15 million. Asana had a negative return on equity of 80.33% and a negative net margin of 18.62%. The company’s revenue was up 9.9% on a year-over-year basis. During the same period last year, the company earned $0.06 earnings per share. Asana has set its FY 2027 guidance at 0.370-0.370 EPS and its Q3 2027 guidance at 0.080-0.080 EPS. As a group, sell-side analysts expect that Asana will post -0.53 EPS for the current year.

Insider Activity

In related news, CFO Aziz Megji sold 3,224 shares of Asana stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $9.26, for a total transaction of $29,854.24. Following the transaction, the chief financial officer owned 726,721 shares of the company’s stock, valued at $6,729,436.46. This trade represents a 0.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Katie Colendich sold 6,318 shares of Asana stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $8.65, for a total transaction of $54,650.70. Following the transaction, the insider directly owned 155,371 shares in the company, valued at $1,343,959.15. The trade was a 3.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 551,360 shares of company stock valued at $5,239,118 in the last ninety days. 87.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Asana

Several hedge funds have recently bought and sold shares of ASAN. Private Advisor Group LLC bought a new stake in shares of Asana in the 3rd quarter valued at $99,000. Focus Advisor Solutions LLC lifted its holdings in Asana by 66.4% during the third quarter. Focus Advisor Solutions LLC now owns 28,759 shares of the company’s stock worth $242,000 after acquiring an additional 11,479 shares in the last quarter. Voya Investment Management LLC grew its stake in Asana by 2.3% in the third quarter. Voya Investment Management LLC now owns 4,833,361 shares of the company’s stock valued at $40,745,000 after acquiring an additional 108,829 shares during the period. Fulcrum Asset Management LLP grew its stake in Asana by 38,814.3% in the third quarter. Fulcrum Asset Management LLP now owns 81,720 shares of the company’s stock valued at $673,000 after acquiring an additional 81,510 shares during the period. Finally, Brighton Jones LLC increased its holdings in shares of Asana by 135.7% in the third quarter. Brighton Jones LLC now owns 86,116 shares of the company’s stock worth $726,000 after acquiring an additional 49,575 shares in the last quarter. 26.21% of the stock is currently owned by institutional investors and hedge funds.

Asana Company Profile

Asana, Inc. develops cloud-based work management software that helps organizations coordinate projects, tasks and team workflows. Its platform provides tools for assigning work, setting deadlines, tracking progress and sharing updates across teams. Organizations can use Asana to manage projects and recurring processes, align work with broader goals, and connect workflows with other business applications. The company also offers features designed to help teams automate work and use artificial intelligence within their workflows.