Asana (NYSE:ASAN) Trading 7.9% Higher – Here’s Why

Asana, Inc. (NYSE:ASAN)’s share price rose 7.9% during trading on Friday . The stock traded as high as $6.98 and last traded at $6.8180. Approximately 2,109,893 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 5,800,620 shares. The stock had previously closed at $6.32.

Analyst Ratings Changes

ASAN has been the subject of several recent research reports. KeyCorp cut their price target on Asana from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, March 3rd. Royal Bank Of Canada raised Asana from an “underperform” rating to a “sector perform” rating and set a $7.00 target price for the company in a report on Wednesday, April 1st. Jefferies Financial Group dropped their target price on Asana from $15.00 to $8.00 and set a “hold” rating for the company in a report on Monday, February 23rd. Piper Sandler reissued a “neutral” rating and issued a $7.00 target price (down from $9.00) on shares of Asana in a report on Tuesday, April 14th. Finally, HSBC set a $8.00 target price on Asana in a report on Friday, February 13th. One 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.32.

Asana Stock Performance

The firm has a market capitalization of $1.67 billion, a P/E ratio of -8.74 and a beta of 1.08. The stock has a 50-day moving average of $6.58 and a 200 day moving average of $10.39.

Asana (NYSE:ASAN) last released its quarterly 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. The business had revenue of $205.57 million for the quarter, compared to analyst estimates of $205.13 million. Asana had a negative return on equity of 77.05% and a negative net margin of 23.90%.Asana’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, equities analysts predict that Asana, Inc. will post -0.53 EPS for the current year.

Insider Buying and Selling at Asana

In other Asana news, insider Katie Marie Colendich sold 7,304 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $7.42, for a total value of $54,195.68. Following the transaction, the insider directly owned 108,214 shares in the company, valued at approximately $802,947.88. This trade represents a 6.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Veronica Sosa sold 6,479 shares of the stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.65, for a total value of $43,085.35. Following the completion of the transaction, the chief accounting officer owned 73,722 shares in the company, valued at $490,251.30. The trade was a 8.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 70,226 shares of company stock worth $472,065. Insiders own 61.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. FNY Investment Advisers LLC bought a new position in shares of Asana in the 3rd quarter worth $27,000. Jones Financial Companies Lllp boosted its position in shares of Asana by 137.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company’s stock worth $34,000 after purchasing an additional 1,427 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Asana by 119.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company’s stock worth $34,000 after purchasing an additional 1,391 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Asana in the 4th quarter worth $50,000. Finally, Summit Securities Group LLC bought a new position in shares of Asana in the 1st quarter worth $53,000. 26.21% of the stock is currently owned by institutional investors.

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.