Asana (NYSE:ASAN) Shares Up 3.9% - Here's What Happened

Key Points

• Asana shares rose 3.9% to about $9.44 in midday trading, with volume below its daily average. The stock’s average analyst rating remains “Hold,” with a consensus price target of $9.95.
• Recent quarterly results modestly exceeded expectations: Asana reported $0.10 EPS versus the $0.09 consensus and revenue of $216.43 million versus estimates of $214.15 million. Revenue increased 9.9% year over year, although the company continued to report negative margins and return on equity.
• Insiders sold shares worth approximately $146,580 over the past 90 days, while institutional ownership stands at 26.21%. Company insiders still hold a much larger 87.54% stake.

Asana, Inc. (NYSE:ASAN - Get Free Report)'s stock price shot up 3.9% during mid-day trading on Wednesday . The stock traded as high as $9.48 and last traded at $9.4350. 4,667,576 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 6,164,294 shares. The stock had previously closed at $9.08.

Analysts Set New Price Targets

ASAN has been the topic of several recent analyst reports. Barclays lowered Asana to an "outperform" rating in a research note on Monday, August 24th. Morgan Stanley lowered their target price on shares of Asana from $8.00 to $7.00 and set an "underweight" rating on the stock in a report on Friday, May 29th. BTIG Research reissued a "neutral" rating on shares of Asana in a report on Friday, September 4th. Piper Sandler boosted their price target on shares of Asana from $7.00 to $9.00 and gave the company a "neutral" rating in a research report on Friday, September 4th. Finally, DA Davidson upped their price objective on shares of Asana from $8.00 to $9.00 and gave the stock a "neutral" 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $9.95.

Asana Stock Performance

The firm's 50-day moving average price is $8.89 and its 200 day moving average price is $7.53. The company has a market cap of $2.17 billion, a price-to-earnings ratio of -14.36 and a beta of 0.95.

Asana (NYSE:ASAN - Get Free Report) last posted its earnings results on Thursday, September 3rd. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. The company had revenue of $216.43 million during the quarter, compared to analyst estimates of $214.15 million. Asana had a negative return on equity of 80.33% and a negative net margin of 18.62%.The company's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.06 EPS. 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 predict that Asana, Inc. will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other Asana news, insider Katie Colendich sold 5,242 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $6.68, for a total transaction of $35,016.56. Following the completion of the transaction, the insider owned 176,598 shares in the company, valued at approximately $1,179,674.64. This represents a 2.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel Rogers sold 13,790 shares of the business's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $6.89, for a total value of $95,013.10. Following the completion of the sale, the chief executive officer owned 1,891,990 shares in the company, valued at approximately $13,035,811.10. This trade represents a 0.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 20,687 shares of company stock valued at $146,580. Company insiders own 87.54% of the company's stock.

Institutional Trading of Asana

Hedge funds and other institutional investors have recently made changes to their positions in the business. Optiver Holding B.V. boosted its holdings in shares of Asana by 2,008.8% in the 1st quarter. Optiver Holding B.V. now owns 5,251 shares of the company's stock valued at $34,000 after buying an additional 5,002 shares during the last quarter. Performa Ltd US LLC increased its holdings in Asana by 335.1% during the first quarter. Performa Ltd US LLC now owns 6,200 shares of the company's stock worth $40,000 after buying an additional 4,775 shares during the last quarter. Summit Securities Group LLC bought a new stake in Asana during the first quarter worth $53,000. HB Wealth Management LLC bought a new stake in Asana during the second quarter worth $71,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in Asana in the second quarter valued at $88,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

About Asana

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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