Insider Selling: Asana (NYSE:ASAN) CFO Sells 34,151 Shares of Stock

Key Points

• Sonalee Elizabeth Parekh, Asana's CFO, sold 34,151 shares on March 20 at an average price of $6.65 for proceeds of $227,104.15, trimming her stake by 3.53% to 933,998 shares.
• Asana shares are trading near their 52-week low (opened at $6.24; 52-week range $6.16–$19.00) as the company posts 9.2% revenue growth but remains unprofitable with a negative net margin and ROE.
• Analysts are mixed—MarketBeat shows a consensus Hold rating with an average target of $12.46 after several firms reduced price targets, and institutional investors own about 26.21% of the stock.

Asana, Inc. (NYSE:ASAN - Get Free Report) CFO Sonalee Elizabeth Parekh sold 34,151 shares of the business's stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.65, for a total transaction of $227,104.15. Following the transaction, the chief financial officer directly owned 933,998 shares of the company's stock, valued at approximately $6,211,086.70. This trade represents a 3.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Asana Stock Down 5.7%

ASAN stock opened at $6.24 on Wednesday. Asana, Inc. has a fifty-two week low of $6.16 and a fifty-two week high of $19.00. The firm's 50-day simple moving average is $8.42 and its 200 day simple moving average is $11.83. The stock has a market cap of $1.48 billion, a PE ratio of -7.79 and a beta of 1.01.

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

Institutional Investors Weigh In On Asana

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASAN. Federated Hermes Inc. raised its stake in shares of Asana by 1,162.2% in the 3rd quarter. Federated Hermes Inc. now owns 413,331 shares of the company's stock worth $5,522,000 after buying an additional 380,583 shares in the last quarter. Inceptionr LLC bought a new position in Asana during the second quarter valued at about $322,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in Asana by 233.4% during the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 65,270 shares of the company's stock valued at $881,000 after buying an additional 45,690 shares in the last quarter. Marex Group plc acquired a new position in Asana during the second quarter worth about $4,772,000. Finally, Geode Capital Management LLC grew its holdings in Asana by 13.9% during the second quarter. Geode Capital Management LLC now owns 2,153,811 shares of the company's stock worth $29,080,000 after acquiring an additional 263,601 shares during the period. Institutional investors own 26.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ASAN. Piper Sandler decreased their price objective on Asana from $14.00 to $9.00 and set an "overweight" rating for the company in a report on Tuesday, March 3rd. Wall Street Zen upgraded Asana from a "hold" rating to a "buy" rating in a research report on Sunday, January 11th. Citigroup reduced their price target on Asana from $16.00 to $13.00 and set a "buy" rating for the company in a research report on Tuesday, March 3rd. KeyCorp decreased their price target on Asana from $18.00 to $15.00 and set an "overweight" rating for the company in a research note on Tuesday, March 3rd. Finally, BTIG Research initiated coverage on Asana in a report on Tuesday, December 16th. They set a "neutral" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have given a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $12.46.

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.

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