Asana (NYSE:ASAN) Stock Price Up 7.4% - What's Next?

Key Points

• Asana shares jumped 7.4% on Wednesday to about $5.90 on light trading (~1.34M shares vs. a 5.62M average), after closing the prior session at $5.49.
• Analysts have trimmed targets and are mixed on the stock; the consensus rating is an average "Hold" with an average price target of $12.32, while several firms recently cut their targets.
• The company modestly beat quarterly EPS ($0.08 vs. $0.07) with revenue up 9.2% year-over-year to $205.6M, but remains unprofitable (negative net margin ~23.9% and negative ROE) and insiders have been selling shares recently.

Asana, Inc. (NYSE:ASAN - Get Free Report)'s share price rose 7.4% during trading on Wednesday . The company traded as high as $5.93 and last traded at $5.8950. Approximately 1,343,217 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 5,623,257 shares. The stock had previously closed at $5.49.

Wall Street Analyst Weigh In

ASAN has been the topic of a number of recent analyst reports. Piper Sandler reissued a "neutral" rating and issued a $7.00 price objective (down from $9.00) on shares of Asana in a research note on Tuesday. KeyCorp cut their price target on Asana from $18.00 to $15.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 3rd. Morgan Stanley cut their price target on Asana from $14.00 to $8.00 and set an "underweight" rating on the stock in a research note on Tuesday, March 3rd. UBS Group cut their price target on Asana from $16.00 to $9.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 3rd. Finally, Royal Bank Of Canada raised Asana from an "underperform" rating to a "sector perform" rating and set a $7.00 price target on the stock in a research note on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $12.32.

Asana Price Performance

The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -7.43 and a beta of 1.08. The firm has a 50 day moving average price of $7.00 and a 200-day moving average price of $11.00.

Asana (NYSE:ASAN - Get Free Report) last issued its quarterly earnings results on Monday, March 2nd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. Asana had a negative return on equity of 77.05% and a negative net margin of 23.90%.The business had revenue of $205.57 million for the quarter, compared to analyst estimates of $205.13 million. The business's revenue for the quarter was up 9.2% compared to the same quarter last year. On average, sell-side analysts expect that Asana, Inc. will post -1.09 EPS for the current fiscal year.

Insider Activity at Asana

In other Asana news, CAO Veronica Sosa sold 6,479 shares of the company's stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $6.65, for a total value of $43,085.35. Following the completion of the sale, the chief accounting officer owned 73,722 shares of the company's stock, valued at approximately $490,251.30. This represents a 8.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Katie Marie Colendich sold 7,304 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $7.42, for a total transaction of $54,195.68. Following the completion of the sale, the insider directly owned 108,214 shares of the company's stock, valued at $802,947.88. The trade was a 6.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 70,226 shares of company stock worth $472,065. 61.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Asana

Large investors have recently modified their holdings of the business. FNY Investment Advisers LLC bought a new stake in shares of Asana in the third quarter worth about $27,000. Jones Financial Companies Lllp increased its holdings 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 in the last quarter. Farther Finance Advisors LLC increased its holdings 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 in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Asana in the fourth quarter worth about $50,000. Finally, Daiwa Securities Group Inc. increased its holdings 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 in the last quarter. 26.21% of the stock is currently owned by institutional investors.

Asana Company Profile

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.