Bank of America Corp DE Acquires 1,075,572 Shares of Asana, Inc. $ASAN

Key Points

• Bank of America significantly increased its Asana stake by purchasing 1,075,572 shares, bringing its holdings to 2,237,195 shares valued at approximately $14.3 million, or 0.94% of the company.
• Asana reported quarterly revenue of $205.1 million, up 9.5% year over year, and adjusted earnings of $0.10 per share, exceeding analyst expectations. However, the company remains unprofitable, with a negative net margin of 20.21%.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $9.27; insiders have sold 118,304 shares worth about $792,775 over the past three months.

Bank of America Corp DE increased its stake in shares of Asana, Inc. (NYSE:ASAN - Free Report) by 92.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,237,195 shares of the company's stock after purchasing an additional 1,075,572 shares during the quarter. Bank of America Corp DE owned 0.94% of Asana worth $14,318,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ASAN. Performa Ltd US LLC raised its position in shares of Asana by 335.1% in the 1st quarter. Performa Ltd US LLC now owns 6,200 shares of the company's stock worth $40,000 after acquiring an additional 4,775 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Asana during the 4th quarter worth about $50,000. Summit Securities Group LLC purchased a new stake in Asana during the 1st quarter valued at about $53,000. 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 valued at $59,000 after purchasing an additional 1,706 shares during the period. Finally, Headlands Technologies LLC purchased a new position in Asana during the 2nd quarter worth approximately $90,000. Institutional investors own 26.21% of the company's stock.

Insider Buying and Selling at Asana

In other Asana news, CEO Daniel Mark Rogers sold 26,975 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $6.66, for a total transaction of $179,653.50. Following the transaction, the chief executive officer owned 1,905,780 shares of the company's stock, valued at $12,692,494.80. This trade represents a 1.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Katie Marie Colendich sold 8,337 shares of Asana stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $6.74, for a total transaction of $56,191.38. Following the completion of the transaction, the insider directly owned 181,840 shares of the company's stock, valued at $1,225,601.60. This trade represents a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 118,304 shares of company stock valued at $792,775. 87.54% of the stock is currently owned by corporate insiders.

Asana Stock Performance

Shares of ASAN opened at $9.57 on Friday. The stock has a market capitalization of $2.21 billion, a P/E ratio of -13.87 and a beta of 0.93. Asana, Inc. has a 1 year low of $5.38 and a 1 year high of $15.71. The company's fifty day moving average is $7.86 and its two-hundred day moving average is $7.28.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ASAN shares. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Asana in a research note on Wednesday, August 5th. Citigroup reissued a "market outperform" rating on shares of Asana in a research note on Friday, May 29th. Zacks Research raised shares of Asana from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Wall Street Zen downgraded shares of Asana from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 12th. Finally, UBS Group reissued a "neutral" rating and set a $8.00 target price on shares of Asana in a research note on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Asana has a consensus rating of "Hold" and an average target price of $9.27.

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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