Asana, Inc. (NYSE:ASAN) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Asana currently has a consensus analyst rating of "Hold" from 17 research firms, with an average 1-year price target of about $12.32.
• Recent analyst actions have been mixed but mostly cautious, including multiple lowered price targets from firms like Piper Sandler, Jefferies, and UBS, while RBC upgraded the stock to sector perform.
• Insider activity has leaned toward selling, with CFO Sonalee Parekh and CAO Veronica Sosa both selling shares, while institutions such as Vanguard and Arrowstreet have expanded their holdings in Asana.

Shares of Asana, Inc. (NYSE:ASAN - Get Free Report) have received an average recommendation of "Hold" from the seventeen research firms that are covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $12.3214.

Several research analysts have recently weighed in on ASAN shares. Piper Sandler reiterated a "neutral" rating and set a $7.00 target price (down from $9.00) on shares of Asana in a research note on Tuesday, April 14th. Jefferies Financial Group reduced their price objective on shares of Asana from $15.00 to $8.00 and set a "hold" rating for the company in a research report on Monday, February 23rd. UBS Group reduced their price objective on shares of Asana from $16.00 to $9.00 and set a "neutral" rating for the company in a research report on Tuesday, March 3rd. Royal Bank Of Canada raised shares of Asana from an "underperform" rating to a "sector perform" rating and set a $7.00 price objective on the stock in a research report on Wednesday, April 1st. Finally, Citigroup dropped their price objective on shares of Asana from $16.00 to $13.00 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd.

Insider Transactions at Asana

In other news, CFO Sonalee Elizabeth Parekh sold 18,717 shares of Asana stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $6.62, for a total transaction of $123,906.54. Following the completion of the sale, the chief financial officer owned 915,281 shares of the company's stock, valued at approximately $6,059,160.22. This trade represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Veronica Sosa sold 6,479 shares of Asana stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.65, for a total value of $43,085.35. Following the sale, the chief accounting officer directly owned 73,722 shares of the company's stock, valued at $490,251.30. This represents a 8.08% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 70,226 shares of company stock valued at $472,065. 61.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Asana

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Asana by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 13,173,305 shares of the company's stock valued at $180,606,000 after purchasing an additional 48,847 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Asana by 37.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,184,248 shares of the company's stock worth $45,979,000 after purchasing an additional 1,969,657 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Asana by 53.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,791,902 shares of the company's stock valued at $38,277,000 after buying an additional 977,107 shares during the period. Marshall Wace LLP lifted its holdings in Asana by 35.1% in the fourth quarter. Marshall Wace LLP now owns 2,653,145 shares of the company's stock valued at $36,375,000 after buying an additional 689,546 shares during the period. Finally, Bank of America Corp DE lifted its holdings 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 period. 26.21% of the stock is owned by institutional investors.

Asana Trading Up 1.0%

NYSE ASAN opened at $6.63 on Wednesday. The stock has a 50-day simple moving average of $6.39 and a 200 day simple moving average of $9.73. The company has a market capitalization of $1.58 billion, a PE ratio of -8.28 and a beta of 0.95. Asana has a 12 month low of $5.38 and a 12 month high of $19.00.

Asana (NYSE:ASAN - Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. The company had revenue of $205.57 million during the quarter, compared to analysts' expectations of $205.13 million. Asana had a negative return on equity of 77.05% and a negative net margin of 23.90%.Asana's quarterly revenue was up 9.2% compared to the same quarter last year. As a group, sell-side analysts predict that Asana will post -0.53 earnings per share for the current fiscal year.

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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