Asana (NYSE:ASAN) Shares Down 9.3% - What's Next?

Key Points

• Asana's stock price fell by 9.3% during mid-day trading, reaching a low of $13.57 and closing at $13.78, while trading volume increased by 32% compared to average sessions.
• Despite the recent drop, Wall Street analysts remain optimistic, with several upgrades in ratings: one upgraded to "buy," others have set price targets ranging from $14.00 to $19.00.
• Asana reported a loss of $0.20 per share in its latest quarterly earnings, which missed analysts’ expectations, but showed a year-over-year revenue increase of 9.9% with $196.94 million in revenue.

Shares of Asana, Inc. (NYSE:ASAN - Get Free Report) traded down 9.3% during mid-day trading on Friday . The company traded as low as $13.57 and last traded at $13.78. 4,780,671 shares were traded during mid-day trading, an increase of 32% from the average session volume of 3,609,733 shares. The stock had previously closed at $15.19.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Wall Street Zen upgraded Asana from a "hold" rating to a "buy" rating in a research note on Friday, September 5th. Robert W. Baird raised their price objective on Asana from $15.00 to $16.00 and gave the company a "neutral" rating in a research note on Thursday, September 4th. Piper Sandler restated an "overweight" rating and set a $19.00 price objective on shares of Asana in a research note on Thursday, September 4th. Weiss Ratings restated a "sell (e+)" rating on shares of Asana in a research note on Wednesday. Finally, Morgan Stanley raised their price objective on Asana from $13.00 to $14.00 and gave the company an "underweight" rating in a research note on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $16.10.

Asana Trading Down 9.1%

The business has a 50-day moving average of $13.99 and a 200-day moving average of $14.86. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of -15.46 and a beta of 1.11. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.16.

Asana (NYSE:ASAN - Get Free Report) last released its quarterly earnings data on Wednesday, September 3rd. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.25). Asana had a negative net margin of 27.50% and a negative return on equity of 83.88%. The company had revenue of $196.94 million for the quarter, compared to analyst estimates of $193.01 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The firm's revenue for the quarter was up 9.9% compared to the same quarter last year. Asana has set its Q3 2026 guidance at 0.060-0.070 EPS. FY 2026 guidance at 0.230-0.250 EPS. As a group, research analysts forecast that Asana, Inc. will post -1.09 earnings per share for the current year.

Insider Buying and Selling at Asana

In related news, Director Justin Rosenstein sold 966,576 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total transaction of $14,537,303.04. Following the sale, the director owned 4,797,091 shares of the company's stock, valued at approximately $72,148,248.64. This represents a 16.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dustin A. Moskovitz acquired 225,000 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were bought at an average price of $15.04 per share, for a total transaction of $3,384,000.00. Following the transaction, the director owned 54,405,999 shares in the company, valued at approximately $818,266,224.96. This represents a 0.42% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 4,388,028 shares of company stock worth $62,108,432 and sold 3,261,376 shares worth $48,812,649. 61.28% of the stock is owned by insiders.

Institutional Investors Weigh In On Asana

A number of large investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership lifted its position in Asana by 104.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,160,975 shares of the company's stock valued at $56,173,000 after acquiring an additional 2,126,683 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Asana by 8,850.6% in the 1st quarter. Acadian Asset Management LLC now owns 1,164,378 shares of the company's stock valued at $16,950,000 after buying an additional 1,151,369 shares in the last quarter. Marshall Wace LLP raised its position in shares of Asana by 594.9% in the 2nd quarter. Marshall Wace LLP now owns 1,285,583 shares of the company's stock valued at $17,355,000 after purchasing an additional 1,100,575 shares during the last quarter. Woodline Partners LP grew its stake in shares of Asana by 700.1% during the 1st quarter. Woodline Partners LP now owns 688,713 shares of the company's stock worth $10,035,000 after purchasing an additional 602,638 shares during the period. Finally, Nuveen LLC purchased a new stake in Asana in the 1st quarter worth $8,419,000. Institutional investors own 26.21% of the company's stock.

About Asana

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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