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

Key Points

• Wall Street Zen upgraded Asana from “Hold” to “Buy,” though the broader analyst consensus remains “Hold,” with an average price target of $9.95.
• Asana shares opened at $8.61, with a one-year range of $5.38 to $15.48. The company’s latest quarterly results beat expectations, reporting $0.10 EPS and $216.43 million in revenue, up 9.9% year over year.
• Insiders sold 513,663 shares worth approximately $4.83 million over the past 90 days, while institutional investors and hedge funds own 26.21% of the company.

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

A number of other research analysts also recently commented on ASAN. Robert W. Baird increased their price objective on shares of Asana from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, September 4th. Zacks Research lowered shares of Asana from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 25th. Barclays cut shares of Asana to an "outperform" rating in a research report on Monday, August 24th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Asana in a research note on Wednesday, August 5th. Finally, UBS Group boosted their price objective on Asana from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, September 4th. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Asana currently has a consensus rating of "Hold" and an average target price of $9.95.

Asana Stock Performance

Shares of ASAN opened at $8.61 on Friday. Asana has a one year low of $5.38 and a one year high of $15.48. The stock has a 50-day moving average price of $9.13 and a 200 day moving average price of $7.61. The company has a market capitalization of $1.97 billion, a P/E ratio of -13.04 and a beta of 1.19.

Asana (NYSE:ASAN - Get Free Report) last posted its quarterly earnings data on Thursday, September 3rd. The company reported $0.10 earnings per share (EPS) for the quarter, topping 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 company had revenue of $216.43 million for the quarter, compared to the consensus estimate of $214.15 million. During the same period in the previous year, the business earned $0.06 EPS. Asana's revenue for the quarter 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 research analysts forecast that Asana will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Asana

In other Asana news, CFO Aziz Megji sold 3,224 shares of the stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $9.26, for a total transaction of $29,854.24. Following the sale, the chief financial officer directly owned 726,721 shares of the company's stock, valued at approximately $6,729,436.46. This represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Katie Colendich sold 6,318 shares of the firm's stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $8.65, for a total transaction of $54,650.70. Following the completion of the transaction, the insider owned 155,371 shares in the company, valued at approximately $1,343,959.15. The trade was a 3.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 513,663 shares of company stock worth $4,831,520 over the last 90 days. Insiders own 87.54% of the company's stock.

Institutional Investors Weigh In On Asana

Several institutional investors and hedge funds have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership grew its stake in Asana by 37.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,184,248 shares of the company's stock worth $45,979,000 after buying an additional 1,969,657 shares during the last quarter. Bank of America Corp DE lifted its stake in Asana by 92.6% in the first quarter. Bank of America Corp DE now owns 2,237,195 shares of the company's stock valued at $14,318,000 after buying an additional 1,075,572 shares during the last quarter. Squarepoint Ops LLC lifted its stake 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 buying an additional 461,858 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in shares of Asana by 250.4% during the first quarter. Y Intercept Hong Kong Ltd now owns 532,796 shares of the company's stock valued at $3,410,000 after acquiring an additional 380,741 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Asana by 49.3% during the first quarter. Bank of New York Mellon Corp now owns 856,622 shares of the company's stock valued at $5,482,000 after acquiring an additional 283,054 shares during the period. 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, goals and business processes. Its platform provides tools for assigning and tracking work, managing timelines and dependencies, communicating about projects, and monitoring progress across teams and departments.

Asana's products support a range of use cases, including project and portfolio management, workflow automation, strategic planning, marketing campaigns, product development and employee onboarding.

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