Engineers Gate Manager LP Sells 587,954 Shares of Asana, Inc. $ASAN

Key Points

• Engineers Gate Manager LP cut its Asana stake by 56.3% in the second quarter, selling 587,954 shares and retaining 456,777 shares valued at approximately $3.2 million.
• Analyst sentiment remains mixed, with Asana holding an overall “Hold” consensus rating and an average price target of $9.95. Recent target increases from Baird and RBC were offset by downgrades from Zacks Research and a reiterated sell rating from Weiss Ratings.
• Asana’s latest quarterly results modestly exceeded expectations, with earnings of $0.10 per share versus $0.09 expected and revenue of $216.43 million versus $214.15 million estimated. However, the company remains unprofitable, reporting an 18.62% negative net margin.

Engineers Gate Manager LP reduced its holdings in shares of Asana, Inc. (NYSE:ASAN - Free Report) by 56.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 456,777 shares of the company's stock after selling 587,954 shares during the period. Engineers Gate Manager LP owned 0.20% of Asana worth $3,197,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Asana by 5.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,546 shares of the company's stock valued at $707,000 after purchasing an additional 2,328 shares in the last quarter. Empowered Funds LLC lifted its stake in Asana by 40.9% in the first quarter. Empowered Funds LLC now owns 25,441 shares of the company's stock valued at $371,000 after buying an additional 7,381 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Asana by 14.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,733 shares of the company's stock valued at $3,770,000 after buying an additional 32,708 shares during the period. American Century Companies Inc. bought a new position in shares of Asana during the 2nd quarter worth approximately $158,000. Finally, Prudential Financial Inc. bought a new position in shares of Asana during the 2nd quarter worth approximately $160,000. 26.21% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ASAN has been the subject of several recent analyst reports. Weiss Ratings reiterated a "sell (e+)" rating on shares of Asana in a research note on Wednesday, August 5th. Wall Street Zen raised shares of Asana from a "hold" rating to a "buy" rating in a research note on Sunday. Robert W. Baird increased their target price on shares of Asana from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Friday, September 4th. Zacks Research cut shares of Asana from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 25th. Finally, Royal Bank Of Canada lifted their price target on shares of Asana from $8.00 to $9.50 and gave the company a "sector perform" rating in a research note on Friday, September 4th. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $9.95.

Insider Buying and Selling at Asana

In other Asana news, CFO Aziz Megji sold 31,696 shares of Asana stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $6.66, for a total transaction of $211,095.36. Following the completion of the transaction, the chief financial officer owned 778,628 shares in the company, valued at approximately $5,185,662.48. The trade was a 3.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Rogers sold 26,975 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 1,905,780 shares of the company's stock, valued at $12,692,494.80. This represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 119,959 shares of company stock worth $809,325 in the last quarter. 87.54% of the stock is owned by insiders.

Asana Trading Up 0.4%

Shares of ASAN stock opened at $8.80 on Monday. The firm has a market capitalization of $2.02 billion, a PE ratio of -13.34 and a beta of 0.95. The firm has a fifty day simple moving average of $8.58 and a two-hundred day simple moving average of $7.42. Asana, Inc. has a 12 month low of $5.38 and a 12 month high of $15.48.

Asana (NYSE:ASAN - Get Free Report) last released its quarterly earnings data on Thursday, September 3rd. The company reported $0.10 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.01. The firm had revenue of $216.43 million for the quarter, compared to analyst estimates of $214.15 million. Asana had a negative net margin of 18.62% and a negative return on equity of 80.33%. The business's quarterly revenue was up 9.9% compared to the same quarter last year. During the same period last year, the firm earned $0.06 earnings per share. Asana has set its FY 2027 guidance at 0.370-0.370 EPS and its Q3 2027 guidance at 0.080-0.080 EPS. On average, equities analysts predict that Asana, Inc. will post -0.53 earnings per share for the current fiscal year.

Asana Company Profile

Asana, Inc develops cloud-based work management software that helps organizations coordinate projects, tasks and team workflows. Its platform is designed to improve collaboration, planning and visibility across departments, enabling users to assign work, set deadlines, track progress and manage priorities in one system.

Asana's products and features include project and task management, workflow automation, project portfolios, goals and reporting tools, team collaboration capabilities, and integrations with other business applications.

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