Asana (NYSE:ASAN) Trading Up 4.6% – Should You Buy?

Asana, Inc. (NYSE:ASAN) shot up 4.6% on Friday . The company traded as high as $6.12 and last traded at $6.0780. 1,436,481 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 5,964,547 shares. The stock had previously closed at $5.81.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ASAN. Robert W. Baird dropped their price objective on Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. UBS Group dropped their price objective on Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Wall Street Zen lowered Asana from a “strong-buy” rating to a “buy” rating in a research note on Sunday, April 19th. Jefferies Financial Group dropped their price objective on Asana from $15.00 to $8.00 and set a “hold” rating for the company in a research note on Monday, February 23rd. Finally, KeyCorp dropped their price objective on Asana from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.32.

Asana Stock Up 7.7%

The business has a 50 day moving average of $6.47 and a 200 day moving average of $9.89. The company has a market capitalization of $1.49 billion, a P/E ratio of -7.82 and a beta of 0.95.

Asana (NYSE:ASAN) last announced its quarterly earnings results on Monday, March 2nd. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Asana had a negative return on equity of 77.05% and a negative net margin of 23.90%.The company had revenue of $205.57 million during the quarter, compared to analyst estimates of $205.13 million. Asana’s revenue was up 9.2% on a year-over-year basis. On average, research analysts anticipate that Asana, Inc. will post -0.53 EPS for the current year.

Insider Activity at Asana

In related news, CFO Sonalee Elizabeth Parekh sold 34,151 shares of the stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $6.65, for a total transaction of $227,104.15. Following the completion of the transaction, the chief financial officer directly owned 933,998 shares of the company’s stock, valued at approximately $6,211,086.70. This represents a 3.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Veronica Sosa sold 6,479 shares of the company’s stock in a transaction that occurred 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 sale, the chief accounting officer owned 73,722 shares in the company, valued at approximately $490,251.30. This trade represents a 8.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 70,226 shares of company stock valued at $472,065. Insiders own 61.28% of the company’s stock.

Institutional Investors Weigh In On Asana

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ASAN. Arrowstreet Capital Limited Partnership raised its position in Asana by 37.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,184,248 shares of the company’s stock valued at $45,979,000 after purchasing an additional 1,969,657 shares during the period. Jupiter Asset Management Ltd. raised its position in Asana by 705.6% during the fourth quarter. Jupiter Asset Management Ltd. now owns 1,374,891 shares of the company’s stock valued at $18,850,000 after purchasing an additional 1,204,232 shares during the period. Goldman Sachs Group Inc. raised its position in Asana by 53.8% during the fourth 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 period. Marshall Wace LLP raised its position in Asana by 35.1% during the fourth quarter. Marshall Wace LLP now owns 2,653,145 shares of the company’s stock valued at $36,375,000 after purchasing an additional 689,546 shares during the period. Finally, Federated Hermes Inc. raised its position in 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 purchasing an additional 391,412 shares during the period. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

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.