Asana (NYSE:ASAN) Shares Cross Below Fifty Day Moving Average - Here's What Happened

Key Points

• Asana shares fell below their 50-day moving average, trading as low as $9.32 and last at $9.59, versus a 50-day average of $9.95.
• Analyst sentiment is mixed but averages to a Hold rating, with a consensus price target of $9.95; four analysts rate the stock Buy, seven Hold, and three Sell.
• In its latest reported quarter, Asana beat earnings and revenue estimates, while revenue grew 9.9% year over year; the company still reported a negative net margin.

Shares of Asana, Inc. (NYSE:ASAN - Get Free Report) passed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $9.95 and traded as low as $9.32. Asana shares last traded at $9.59, with a volume of 6,191,316 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Barclays downgraded shares of Asana to an "outperform" rating in a research report on Monday, August 24th. Citizens Jmp restated a "market outperform" rating and issued a $15.00 price target on shares of Asana in a research report on Friday, September 4th. Citigroup restated a "market outperform" rating on shares of Asana in a research report on Monday, August 24th. Piper Sandler upped their price objective on shares of Asana from $7.00 to $9.00 and gave the company a "neutral" rating in a research note on Friday, September 4th. Finally, Zacks Research cut shares of Asana from a "hold" rating to a "strong sell" rating in a research report on Friday, October 9th. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $9.95.

Asana Stock Down 4.3%

The firm's 50-day moving average price is $9.95 and its 200 day moving average price is $8.14. The company has a market capitalization of $2.20 billion, a P/E ratio of -14.53 and a beta of 0.99.

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

Insider Transactions at Asana

In related news, CFO Aziz Megji sold 3,224 shares of Asana stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $9.26, for a total transaction of $29,854.24. Following the transaction, the chief financial officer owned 726,721 shares of the company's stock, valued at $6,729,436.46. The trade was a 0.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel Rogers sold 19,676 shares of the company's stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of $11.52, for a total value of $226,667.52. Following the sale, the chief executive officer owned 1,437,022 shares of the company's stock, valued at $16,554,493.44. This trade represents a 1.35% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 551,360 shares of company stock valued at $5,239,118 over the last ninety days. 87.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Asana

Several large investors have recently bought and sold shares of the stock. Private Advisor Group LLC bought a new position in shares of Asana during the third quarter valued at about $99,000. Focus Advisor Solutions LLC boosted its holdings in Asana by 66.4% during the third quarter. Focus Advisor Solutions LLC now owns 28,759 shares of the company's stock worth $242,000 after purchasing an additional 11,479 shares during the last quarter. Voya Investment Management LLC grew its position in Asana by 2.3% in the 3rd quarter. Voya Investment Management LLC now owns 4,833,361 shares of the company's stock worth $40,745,000 after purchasing an additional 108,829 shares in the last quarter. Fulcrum Asset Management LLP grew its position in Asana by 38,814.3% in the 3rd quarter. Fulcrum Asset Management LLP now owns 81,720 shares of the company's stock worth $673,000 after purchasing an additional 81,510 shares in the last quarter. Finally, Brighton Jones LLC grew its position in Asana by 135.7% in the 3rd quarter. Brighton Jones LLC now owns 86,116 shares of the company's stock worth $726,000 after purchasing an additional 49,575 shares in the last quarter. 26.21% of the stock is currently owned by institutional investors.

About Asana

Asana, Inc. develops cloud-based work management software that helps organizations coordinate projects, tasks and team workflows. Its platform provides tools for assigning work, setting deadlines, tracking progress and sharing updates across teams. Organizations can use Asana to manage projects and recurring processes, align work with broader goals, and connect workflows with other business applications. The company also offers features designed to help teams automate work and use artificial intelligence within their workflows.

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