Asana (NYSE:ASAN) Shares Up 8.5% – Time to Buy?

Shares of Asana, Inc. (NYSE:ASAN) shot up 8.5% on Tuesday . The company traded as high as $6.88 and last traded at $6.8250. 2,586,413 shares were traded during trading, a decline of 55% from the average session volume of 5,802,678 shares. The stock had previously closed at $6.29.

Analyst Ratings Changes

A number of brokerages have weighed in on ASAN. KeyCorp reduced their price target on shares of Asana from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 3rd. Jefferies Financial Group reduced their price target on shares of Asana from $15.00 to $8.00 and set a “hold” rating on the stock in a research report on Monday, February 23rd. HSBC set a $8.00 price target on shares of Asana in a research report on Friday, February 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Asana in a research report on Monday, December 29th. Finally, Robert W. Baird reduced their price target on shares of Asana from $16.00 to $9.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Asana presently has an average rating of “Hold” and a consensus price target of $12.32.

Asana Price Performance

The business’s 50-day moving average price is $6.79 and its 200 day moving average price is $10.79. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -8.13 and a beta of 1.08.

Asana (NYSE:ASAN) last posted 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 net margin of 23.90% and a negative return on equity of 77.05%. The business had revenue of $205.57 million for the quarter, compared to analysts’ expectations of $205.13 million. Asana’s revenue was up 9.2% on a year-over-year basis. As a group, sell-side analysts expect that Asana, Inc. will post -0.53 earnings per share for the current year.

Insider Transactions at Asana

In other news, CFO Sonalee Elizabeth Parekh sold 34,151 shares of the business’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.65, for a total transaction of $227,104.15. Following the transaction, the chief financial officer directly owned 933,998 shares of the company’s stock, valued at approximately $6,211,086.70. The trade was a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Veronica Sosa sold 6,479 shares of Asana stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.65, for a total transaction of $43,085.35. Following the completion of the sale, the chief accounting officer owned 73,722 shares of the company’s stock, valued at approximately $490,251.30. This trade represents a 8.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 70,226 shares of company stock valued at $472,065. Corporate insiders own 61.28% of the company’s stock.

Institutional Trading of Asana

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. 180 Wealth Advisors LLC increased its stake in shares of Asana by 6.8% in the fourth quarter. 180 Wealth Advisors LLC now owns 12,489 shares of the company’s stock worth $171,000 after buying an additional 798 shares during the last quarter. Vident Advisory LLC increased its stake in shares of Asana by 4.3% in the third quarter. Vident Advisory LLC now owns 22,527 shares of the company’s stock worth $301,000 after buying an additional 930 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Asana by 3.6% in the third quarter. Blue Trust Inc. now owns 27,606 shares of the company’s stock worth $369,000 after buying an additional 968 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Asana by 7.8% in the fourth quarter. ProShare Advisors LLC now owns 16,412 shares of the company’s stock worth $225,000 after buying an additional 1,188 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of Asana by 119.7% in the third quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company’s stock worth $34,000 after buying an additional 1,391 shares during the last quarter. Institutional investors 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.