Asana (NYSE:ASAN) Shares Gap Down - Here's What Happened

Key Points

• Asana shares gapped down at the open, falling from a prior close of $7.08 to $6.73 before recovering somewhat later in the session.
• Recent analyst actions were mixed but generally cautious: several firms cut price targets, and the stock currently carries an average Hold rating with a consensus target of $9.27.
• Despite the weak stock action, Asana’s latest earnings beat expectations on revenue and EPS, though the company still reported negative margins and insiders have sold shares in recent months.

Asana, Inc. (NYSE:ASAN - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $7.08, but opened at $6.73. Asana shares last traded at $7.1950, with a volume of 666,740 shares.

Analysts Set New Price Targets

A number of research firms have recently commented on ASAN. KeyCorp dropped their target price on shares of Asana from $15.00 to $13.00 and set an "overweight" rating for the company in a report on Friday, May 29th. Morgan Stanley decreased their price target on shares of Asana from $8.00 to $7.00 and set an "underweight" rating on the stock in a report on Friday, May 29th. Citizens Jmp reiterated a "market outperform" rating and set a $15.00 price objective on shares of Asana in a research report on Tuesday. UBS Group restated a "neutral" rating and issued a $8.00 target price on shares of Asana in a research report on Friday, May 29th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Asana in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $9.27.

Asana Price Performance

The company has a fifty day moving average price of $7.00 and a two-hundred day moving average price of $8.17. The company has a market capitalization of $1.68 billion, a P/E ratio of -10.56 and a beta of 0.97.

Asana (NYSE:ASAN - Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.02. Asana had a negative net margin of 20.21% and a negative return on equity of 74.32%. The business had revenue of $205.09 million during the quarter, compared to analyst estimates of $203.58 million. During the same quarter last year, the business earned $0.05 EPS. The firm's quarterly revenue was up 9.5% on a year-over-year basis. Asana has set its FY 2027 guidance at 0.370-0.370 EPS and its Q2 2027 guidance at 0.080-0.090 EPS. As a group, sell-side analysts forecast that Asana, Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling at Asana

In related news, CEO Daniel Mark Rogers sold 26,975 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $6.66, for a total value of $179,653.50. Following the completion of the sale, the chief executive officer directly owned 1,905,780 shares in the company, valued at $12,692,494.80. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Veronica Sosa sold 11,378 shares of the firm's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $6.66, for a total value of $75,777.48. Following the transaction, the chief accounting officer directly owned 62,344 shares of the company's stock, valued at approximately $415,211.04. This represents a 15.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 118,304 shares of company stock worth $792,775 in the last three months. 61.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Asana

A number of institutional investors have recently made changes to their positions in the stock. FNY Investment Advisers LLC bought a new position in shares of Asana during the third quarter worth about $27,000. Optiver Holding B.V. boosted its holdings in Asana by 2,008.8% in the first quarter. Optiver Holding B.V. now owns 5,251 shares of the company's stock valued at $34,000 after acquiring an additional 5,002 shares during the last quarter. Performa Ltd US LLC increased its position in Asana by 335.1% during the 1st quarter. Performa Ltd US LLC now owns 6,200 shares of the company's stock valued at $40,000 after purchasing an additional 4,775 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in Asana during the 4th quarter valued at approximately $50,000. Finally, Summit Securities Group LLC bought a new position in Asana during the 1st quarter worth approximately $53,000. Institutional investors own 26.21% of the company's stock.

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.

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.