Asana (NYSE:ASAN) Stock Price Down 9.8% - Should You Sell?

Key Points

• Asana shares fell 9.8% intraday to about $5.79 on Thursday, with roughly 1.28M shares traded (about 78% below average) and a market cap near $1.4B.
• Multiple firms cut price targets this week (e.g., KeyCorp 18→15, Morgan Stanley 14→8, UBS 16→9), leaving an average analyst rating of "Hold" and an average price target of $12.32.
• Asana beat quarterly estimates marginally (Q EPS $0.08 vs. $0.07; revenue $205.6M vs. $205.1M) but remains unprofitable (net margin -23.9%, negative ROE) and analysts forecast about -$0.53 EPS for the current fiscal year.

Asana, Inc. (NYSE:ASAN - Get Free Report) shares traded down 9.8% during mid-day trading on Thursday . The company traded as low as $5.83 and last traded at $5.7850. 1,284,068 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 5,829,398 shares. The stock had previously closed at $6.41.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. KeyCorp cut their price target on shares of Asana from $18.00 to $15.00 and set an "overweight" rating for the company in a report on Tuesday, March 3rd. Morgan Stanley dropped their target price on shares of Asana from $14.00 to $8.00 and set an "underweight" rating for the company in a report on Tuesday, March 3rd. HSBC set a $8.00 target price on shares of Asana in a report on Friday, February 13th. Robert W. Baird dropped their target price on shares of Asana from $16.00 to $9.00 and set a "neutral" rating for the company in a report on Tuesday, March 3rd. Finally, UBS Group dropped their target price on shares of Asana from $16.00 to $9.00 and set a "neutral" rating for the company in a report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $12.32.

Asana Price Performance

The company has a 50-day moving average price of $6.73 and a 200-day moving average price of $10.71. The firm has a market capitalization of $1.40 billion, a PE ratio of -7.37 and a beta of 1.08.

Asana (NYSE:ASAN - Get Free Report) last issued its quarterly earnings results on Monday, March 2nd. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The business had revenue of $205.57 million during the quarter, compared to the consensus estimate of $205.13 million. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. The firm's revenue for the quarter was up 9.2% on a year-over-year basis. On average, research analysts predict that Asana, Inc. will post -0.53 earnings per share for the current fiscal year.

Insider Transactions at Asana

In other news, CFO Sonalee Elizabeth Parekh sold 18,717 shares of Asana stock in a transaction dated Monday, March 23rd. The shares were 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 directly owned 915,281 shares in the company, valued at $6,059,160.22. The trade was a 2.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Veronica Sosa sold 6,479 shares of Asana stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $6.65, for a total transaction of $43,085.35. Following the sale, the chief accounting officer owned 73,722 shares of the company's stock, valued at approximately $490,251.30. This trade represents a 8.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 70,226 shares of company stock worth $472,065 over the last ninety days. 61.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Asana

Hedge funds and other institutional investors have recently modified their holdings of the company. FNY Investment Advisers LLC purchased a new stake in shares of Asana during the third quarter worth about $27,000. Farther Finance Advisors LLC boosted its position in shares of Asana by 119.7% in the third quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company's stock worth $34,000 after acquiring an additional 1,391 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of Asana by 137.7% in the third quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company's stock worth $34,000 after acquiring an additional 1,427 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Asana in the fourth quarter worth approximately $50,000. Finally, Daiwa Securities Group Inc. boosted its position in shares of Asana by 64.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company's stock worth $59,000 after acquiring an additional 1,706 shares during the last quarter. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

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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