Asana (NYSE:ASAN) Announces Earnings Results, Misses Estimates By $0.25 EPS

Key Points

• Asana reported a loss of ($0.20) EPS for the quarter, missing analysts' estimates by $0.25, marking a continued struggle with profitability.
• The company's stock price closed at $14.27 following the earnings report, with analysts maintaining a consensus rating of "Hold" and an average price target of $15.97.
• Insider trading activity included CEO Dustin Moskovitz acquiring 225,000 shares, increasing his ownership, while Director Justin Rosenstein sold nearly 1 million shares, indicating mixed signals regarding future performance.

Asana (NYSE:ASAN - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.25), Zacks reports. Asana had a negative return on equity of 87.78% and a negative net margin of 31.38%.

Asana Price Performance

ASAN traded up $0.35 on Wednesday, reaching $14.27. 7,938,869 shares of the company's stock were exchanged, compared to its average volume of 3,452,075. Asana has a twelve month low of $11.05 and a twelve month high of $27.77. The stock has a market cap of $3.36 billion, a PE ratio of -14.27 and a beta of 1.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.47 and a quick ratio of 1.47. The stock's fifty day moving average price is $14.18 and its 200-day moving average price is $15.52.

Analyst Ratings Changes

ASAN has been the subject of a number of recent research reports. KeyCorp reissued a "sector weight" rating on shares of Asana in a research report on Wednesday, June 4th. Jefferies Financial Group boosted their price target on Asana from $15.00 to $17.00 and gave the stock a "hold" rating in a research note on Wednesday, June 4th. HSBC reissued a "reduce" rating and issued a $10.00 target price (down previously from $13.00) on shares of Asana in a research report on Wednesday, June 4th. Robert W. Baird raised their price target on shares of Asana from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Finally, Royal Bank Of Canada reissued an "underperform" rating and set a $10.00 price objective on shares of Asana in a report on Wednesday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, Asana has a consensus rating of "Hold" and an average price target of $15.97.

Insider Activity

In other news, CEO Dustin A. Moskovitz purchased 225,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was acquired at an average price of $13.58 per share, for a total transaction of $3,055,500.00. Following the acquisition, the chief executive officer directly owned 51,711,191 shares of the company's stock, valued at approximately $702,237,973.78. This represents a 0.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Justin Rosenstein sold 966,576 shares of Asana stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $14,537,303.04. Following the sale, the director directly owned 4,797,091 shares in the company, valued at approximately $72,148,248.64. The trade was a 16.77% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have bought 5,375,000 shares of company stock worth $75,920,894 and have sold 3,033,130 shares worth $45,552,218. Insiders own 61.28% of the company's stock.

Hedge Funds Weigh In On Asana

Several institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its position in Asana by 4.8% in the 2nd 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Asana by 5.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,168 shares of the company's stock valued at $691,000 after acquiring an additional 2,622 shares in the last quarter. Holocene Advisors LP lifted its stake in Asana by 28.9% in the second quarter. Holocene Advisors LP now owns 46,890 shares of the company's stock worth $633,000 after acquiring an additional 10,527 shares during the last quarter. Man Group plc purchased a new position in Asana in the second quarter worth approximately $451,000. Finally, Tidal Investments LLC acquired a new position in Asana during the 2nd quarter worth approximately $423,000. 26.21% of the stock is owned by institutional investors and hedge funds.

Asana Company Profile

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. Its platform helps organizations to orchestrate work from daily tasks to cross-functional strategic initiatives; manage work across a portfolio of projects or workflows, see progress against goals, identify bottlenecks, resource constraints, and milestones; and communicate company-wide goals, monitor status, and oversee work across projects and portfolios to gain real-time insights.

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