Zacks Research Upgrades Asana (NYSE:ASAN) to "Hold"

Key Points

• Zacks Research upgraded Asana from “strong sell” to “hold.” Analysts overall also rate the stock “Hold,” with a consensus price target of $9.95.
• Asana shares were down 4.3% and opened at $9.59. The company’s latest quarterly results beat estimates, reporting EPS of $0.10 and revenue of $216.43 million, up 9.9% year over year.
• Company insiders sold 551,360 shares worth about $5.24 million over the past 90 days; the reported sales included transactions by Asana’s CFO and CEO.

Asana (NYSE:ASAN - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Monday, Zacks reports.

ASAN has been the topic of a number of other research reports. Citizens Jmp reaffirmed a "market outperform" rating and set a $15.00 target price on shares of Asana in a research report on Friday, September 4th. DA Davidson raised their price target on shares of Asana from $8.00 to $9.00 and gave the stock a "neutral" rating in a research report on Friday, September 4th. UBS Group reissued a "neutral" rating on shares of Asana in a research report on Friday, October 16th. Barclays cut Asana to an "outperform" rating in a report on Monday, August 24th. Finally, Royal Bank Of Canada upped their target price on Asana from $8.00 to $9.50 and gave the company a "sector perform" rating in a research note on Friday, September 4th. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Asana currently has an average rating of "Hold" and a consensus target price of $9.95.

Asana Trading Down 4.3%

NYSE:ASAN opened at $9.59 on Monday. The firm's fifty day simple moving average is $9.95 and its 200 day simple moving average is $8.14. The firm has a market capitalization of $2.20 billion, a PE ratio of -14.53 and a beta of 0.99. Asana has a 1 year low of $5.38 and a 1 year high of $15.28.

Asana (NYSE:ASAN - Get Free Report) last posted its quarterly earnings data on Thursday, September 3rd. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. The business had revenue of $216.43 million during the quarter, compared to analysts' expectations of $214.15 million. Asana had a negative return on equity of 80.33% and a negative net margin of 18.62%. The firm's revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.06 EPS. 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, analysts anticipate that Asana will post -0.53 EPS for the current fiscal year.

Insider Transactions at Asana

In other Asana news, CFO Aziz Megji sold 35,444 shares of the company's stock in a transaction on Monday, September 21st. The stock was sold at an average price of $9.53, for a total value of $337,781.32. Following the sale, the chief financial officer directly owned 729,945 shares in the company, valued at $6,956,375.85. This represents a 4.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel Rogers sold 300,937 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $9.53, for a total value of $2,867,929.61. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 551,360 shares of company stock valued at $5,239,118. Corporate insiders own 87.54% of the company's stock.

Hedge Funds Weigh In On Asana

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Inscription Capital LLC raised its stake in shares of Asana by 5.0% in the third quarter. Inscription Capital LLC now owns 21,084 shares of the company's stock worth $178,000 after acquiring an additional 1,002 shares during the last quarter. Pinnacle Wealth Planning Services Inc. grew its stake in shares of Asana by 131.6% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 3,126 shares of the company's stock valued at $26,000 after purchasing an additional 1,776 shares during the last quarter. Retirement Planning Co of New England Inc. increased its holdings in shares of Asana by 7.6% in the third quarter. Retirement Planning Co of New England Inc. now owns 30,994 shares of the company's stock valued at $261,000 after purchasing an additional 2,187 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of Asana by 39.7% in the third quarter. Versant Capital Management Inc now owns 8,443 shares of the company's stock valued at $71,000 after purchasing an additional 2,401 shares in the last quarter. Finally, Sterling Capital Management LLC increased its holdings in shares of Asana by 801.8% in 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 in the last quarter. 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 provides tools for assigning work, setting deadlines, tracking progress and sharing updates across teams. Organizations can use Asana to manage projects and recurring processes, align work with broader goals, and connect workflows with other business applications. The company also offers features designed to help teams automate work and use artificial intelligence within their workflows.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.