Asana (NYSE:ASAN) Cut to "Hold" at Zacks Research

Key Points

• Zacks Research downgraded Asana from “strong buy” to “hold,” aligning with the broader analyst consensus of “hold.” Analysts have an average price target of $9.27.
• Asana shares opened at $9.45, above their 50-day and 200-day moving averages, but the company remains unprofitable, with a negative net margin and analysts expecting a full-year loss.
• The company slightly beat quarterly estimates, reporting $0.10 earnings per share versus $0.08 expected and $205.09 million in revenue versus $203.58 million forecast. Insiders sold 118,304 shares worth approximately $792,775 over the last quarter.

Asana (NYSE:ASAN - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Citizens Jmp reiterated a "market outperform" rating and set a $15.00 price objective on shares of Asana in a report on Tuesday, July 7th. Wall Street Zen downgraded shares of Asana from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 12th. Barclays lowered shares of Asana to an "outperform" rating in a research report on Monday. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Asana in a research note on Wednesday, August 5th. Finally, Morgan Stanley lowered their price target on Asana from $8.00 to $7.00 and set an "underweight" rating for the company in a report on Friday, May 29th. Four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $9.27.

Asana Stock Up 0.1%

ASAN opened at $9.45 on Tuesday. The business has a fifty day moving average of $7.99 and a 200 day moving average of $7.27. The stock has a market cap of $2.18 billion, a P/E ratio of -13.70 and a beta of 0.93. Asana has a 52-week low of $5.38 and a 52-week high of $15.71.

Asana (NYSE:ASAN - Get Free Report) last released its earnings results on Thursday, May 28th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The business had revenue of $205.09 million during the quarter, compared to the consensus estimate of $203.58 million. Asana had a negative return on equity of 74.32% and a negative net margin of 20.21%.The business's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the company earned $0.05 earnings per share. Equities analysts anticipate that Asana will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at Asana

In other news, insider Katie Marie Colendich sold 8,337 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $6.74, for a total transaction of $56,191.38. Following the transaction, the insider directly owned 181,840 shares in the company, valued at approximately $1,225,601.60. This trade represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Mark Rogers sold 26,975 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $6.66, for a total transaction of $179,653.50. Following the transaction, the chief executive officer owned 1,905,780 shares in the company, valued at approximately $12,692,494.80. This represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 118,304 shares of company stock worth $792,775. Company insiders own 87.54% of the company's stock.

Institutional Trading of Asana

A number of hedge funds have recently bought and sold shares of the stock. Vident Advisory LLC grew its position in shares of Asana by 4.3% during the 3rd quarter. Vident Advisory LLC now owns 22,527 shares of the company's stock valued at $301,000 after acquiring an additional 930 shares during the period. ProShare Advisors LLC raised its holdings in Asana by 7.8% in the 4th quarter. ProShare Advisors LLC now owns 16,412 shares of the company's stock worth $225,000 after purchasing an additional 1,188 shares during the period. Daiwa Securities Group Inc. boosted its position in Asana by 64.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company's stock worth $59,000 after purchasing an additional 1,706 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Asana by 5.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,546 shares of the company's stock valued at $707,000 after purchasing an additional 2,328 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Asana by 4.8% in the second quarter. The Manufacturers Life Insurance Company now owns 52,327 shares of the company's stock valued at $706,000 after purchasing an additional 2,373 shares during the period. Hedge funds and other institutional investors own 26.21% of the company's stock.

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.

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