Asana (NYSE:ASAN) Stock Price Down 5% – What’s Next?

Asana, Inc. (NYSE:ASAN) shares fell 5% on Monday. The stock traded as low as $10.17 and last traded at $10.0750. Approximately 559,057 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 5,981,881 shares. The stock had previously closed at $10.61.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ASAN shares. Barclays lowered shares of Asana to an “outperform” rating in a research note on Monday, August 24th. Piper Sandler lifted their price target on Asana from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Friday, September 4th. Citizens Jmp reissued a “market outperform” rating and issued a $15.00 price objective on shares of Asana in a report on Friday, September 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Asana in a research note on Tuesday, November 3rd. Finally, Robert W. Baird increased their target price on Asana from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, September 4th. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Asana currently has a consensus rating of “Hold” and a consensus target price of $9.95.

Asana Price Performance

The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -15.40 and a beta of 0.99. The business’s fifty day simple moving average is $9.97 and its 200 day simple moving average is $8.15.

Asana (NYSE:ASAN) last released its earnings results on Thursday, September 3rd. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate 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 net margin of 18.62% and a negative return on equity of 80.33%. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm 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, equities analysts forecast that Asana, Inc. will post -0.53 EPS for the current fiscal year.

Insider Activity

In related news, CEO Daniel Rogers sold 300,937 shares of the business’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $9.53, for a total transaction of $2,867,929.61. Following the completion of the sale, the chief executive officer owned 1,624,894 shares of the company’s stock, valued at $15,485,239.82. This represents a 15.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katie Colendich sold 8,474 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $9.77, for a total transaction of $82,790.98. Following the sale, the insider directly owned 161,689 shares of the company’s stock, valued at approximately $1,579,701.53. This represents a 4.98% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 551,360 shares of company stock valued at $5,239,118. Company insiders own 87.54% of the company’s stock.

Hedge Funds Weigh In On Asana

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sterling Capital Management LLC grew its holdings in shares of Asana by 801.8% during the third quarter. Sterling Capital Management LLC now owns 3,084 shares of the company’s stock valued at $26,000 after purchasing an additional 2,742 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its position in shares of Asana by 131.6% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 3,126 shares of the company’s stock worth $26,000 after purchasing an additional 1,776 shares during the period. Optiver Holding B.V. lifted its holdings in shares of Asana by 2,008.8% in the 1st quarter. Optiver Holding B.V. now owns 5,251 shares of the company’s stock worth $34,000 after purchasing an additional 5,002 shares during the last quarter. Performa Ltd US LLC lifted its holdings in shares of Asana by 335.1% in the 1st quarter. Performa Ltd US LLC now owns 6,200 shares of the company’s stock worth $40,000 after purchasing an additional 4,775 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in Asana during the 3rd quarter valued at approximately $69,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

About Asana

Asana, Inc develops cloud-based work management software that helps organizations coordinate projects, tasks and ongoing business processes. Its platform is designed to provide teams with a shared view of work, responsibilities, deadlines and progress across departments and functions.

Asana’s products include tools for project and task management, workflow coordination, goals, portfolios, reporting and team collaboration. The platform also incorporates automation and artificial intelligence features intended to help users organize work, streamline recurring processes and gain visibility into organizational priorities.

The company was founded in 2008 by Dustin Moskovitz, a co-founder of Facebook, and Justin Rosenstein, a former Facebook and Google executive.