Asana (NYSE:ASAN) Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Asana to “Buy” from “Hold,” but the broader analyst consensus remains “Hold,” with a consensus price target of $9.95.
• Asana’s latest quarterly results modestly beat expectations: earnings per share came in at $0.10 versus $0.09 expected, while revenue reached $216.43 million, up 9.9% year over year.
• ASAN shares opened at $8.80, with the stock trading between a 12-month range of $5.38 and $15.48; insiders sold 119,959 shares worth about $809,325 over the past 90 days.

Asana (NYSE:ASAN - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Sunday, Wall Street Zen reports.

A number of other research firms also recently commented on ASAN. DA Davidson increased their price objective on shares of Asana from $8.00 to $9.00 and gave the company a "neutral" rating in a report on Friday, September 4th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Asana in a report on Wednesday, August 5th. Barclays downgraded Asana to an "outperform" rating in a research report on Monday, August 24th. UBS Group upped their target price on Asana from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, September 4th. Finally, BTIG Research reiterated a "neutral" rating on shares of Asana in a report on Friday, September 4th. Four 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. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $9.95.

Asana Trading Up 2.8%

ASAN stock opened at $8.80 on Friday. Asana has a 12-month low of $5.38 and a 12-month high of $15.48. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of -13.34 and a beta of 0.95. The business's 50-day moving average is $8.58 and its 200 day moving average is $7.41.

Asana (NYSE:ASAN - Get Free Report) 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. Asana had a negative return on equity of 80.33% and a negative net margin of 18.62%.The business had revenue of $216.43 million for the quarter, compared to the consensus estimate of $214.15 million. During the same quarter last year, the business posted $0.06 earnings per share. The business's quarterly revenue was up 9.9% compared to the same quarter last year. 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 will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling at Asana

In other Asana news, CEO Daniel Rogers sold 13,790 shares of the firm's stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $6.89, for a total value of $95,013.10. Following the completion of the transaction, the chief executive officer owned 1,891,990 shares of the company's stock, valued at $13,035,811.10. This trade represents a 0.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aziz Megji sold 13,239 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $6.73, for a total value of $89,098.47. Following the completion of the sale, the chief financial officer owned 765,389 shares in the company, valued at approximately $5,151,067.97. The trade was a 1.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 119,959 shares of company stock valued at $809,325 in the last 90 days. Corporate insiders own 87.54% of the company's stock.

Institutional Investors Weigh In On Asana

Several hedge funds have recently made changes to their positions in the business. Sequoia Financial Advisors LLC acquired a new stake in shares of Asana in the 2nd quarter worth $88,000. Integrated Wealth Concepts LLC acquired a new stake in Asana in the second quarter valued at about $164,000. Squarepoint Ops LLC lifted its position in Asana by 108.3% in the second quarter. Squarepoint Ops LLC now owns 888,160 shares of the company's stock valued at $6,217,000 after purchasing an additional 461,858 shares during the period. Allworth Financial LP boosted its holdings in Asana by 193.4% in the 2nd quarter. Allworth Financial LP now owns 13,195 shares of the company's stock valued at $92,000 after purchasing an additional 8,698 shares in the last quarter. Finally, Corient Private Wealth LP acquired a new position in Asana during the 2nd quarter worth approximately $451,000. Institutional investors and hedge funds own 26.21% of the company's stock.

Asana Company Profile

Asana, Inc develops cloud-based work management software that helps organizations coordinate projects, tasks and team workflows. Its platform is designed to improve collaboration, planning and visibility across departments, enabling users to assign work, set deadlines, track progress and manage priorities in one system.

Asana's products and features include project and task management, workflow automation, project portfolios, goals and reporting tools, team collaboration capabilities, and integrations with other business applications.

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