Asana (NYSE:ASAN) Trading 7.9% Higher - Here's Why

Key Points

• Asana shares jumped 7.9% intraday to about $6.82 (high of $6.98) on Friday, though trading volume was roughly 64% below the average session.
• Several analysts have cut their price targets recently and the stock has a MarketBeat consensus rating of "Hold" with a consensus target of $12.32.
• Asana slightly beat EPS estimates ($0.08 vs. $0.07) and revenue rose 9.2% to $205.6M, but the company remains unprofitable (negative net margin and ROE) and insiders sold shares during the quarter.

Asana, Inc. (NYSE:ASAN - Get Free Report) traded up 7.9% during mid-day trading on Friday . The company traded as high as $6.98 and last traded at $6.8180. 2,109,893 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 5,800,620 shares. The stock had previously closed at $6.32.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Robert W. Baird decreased their target price on Asana from $16.00 to $9.00 and set a "neutral" rating on the stock in a report on Tuesday, March 3rd. Piper Sandler restated a "neutral" rating and issued a $7.00 target price (down from $9.00) on shares of Asana in a report on Tuesday, April 14th. Citigroup lowered their price target on Asana from $16.00 to $13.00 and set a "buy" rating on the stock in a report on Tuesday, March 3rd. Morgan Stanley lowered their price target on Asana from $14.00 to $8.00 and set an "underweight" rating on the stock in a report on Tuesday, March 3rd. Finally, KeyCorp lowered their price target on Asana from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $12.32.

Asana Price Performance

The business has a 50 day simple moving average of $6.58 and a 200 day simple moving average of $10.39. The stock has a market cap of $1.67 billion, a PE ratio of -8.74 and a beta of 1.08.

Asana (NYSE:ASAN - Get Free Report) last issued its earnings results on Monday, March 2nd. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $205.57 million for the quarter, compared to the consensus estimate of $205.13 million. The business's revenue for the quarter was up 9.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Asana, Inc. will post -0.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Sonalee Elizabeth Parekh sold 18,717 shares of the business's stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $6.62, for a total transaction of $123,906.54. Following the completion of the transaction, the chief financial officer owned 915,281 shares of the company's stock, valued at approximately $6,059,160.22. The trade was a 2.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Katie Marie Colendich sold 7,304 shares of the business's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $7.42, for a total value of $54,195.68. Following the transaction, the insider directly owned 108,214 shares of the company's stock, valued at $802,947.88. This represents a 6.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 70,226 shares of company stock valued at $472,065 over the last quarter. Insiders own 61.28% of the company's stock.

Hedge Funds Weigh In On Asana

Several large investors have recently made changes to their positions in the business. FNY Investment Advisers LLC acquired a new position in Asana in the 3rd quarter valued at approximately $27,000. Jones Financial Companies Lllp raised its holdings in Asana by 137.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company's stock valued at $34,000 after acquiring an additional 1,427 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in Asana by 119.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company's stock valued at $34,000 after acquiring an additional 1,391 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Asana in the 4th quarter valued at approximately $50,000. Finally, Summit Securities Group LLC acquired a new position in Asana in the 1st quarter valued at approximately $53,000. Institutional investors and hedge funds 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.