Asana (NYSE:ASAN) Stock Price Down 4.6% - Here's What Happened

Key Points

• Asana shares fell 4.6% to about $9.62 in mid-day trading, with volume down 89% from the average session. The company’s market capitalization was approximately $2.21 billion.
• Analyst sentiment remains mixed, with four Buy, eight Hold and two Sell ratings; the consensus rating is Hold with a $9.95 price target.
• Asana recently exceeded quarterly expectations, reporting $216.43 million in revenue and $0.10 earnings per share versus estimates of $214.15 million and $0.09, respectively. Revenue increased 9.9% year over year, though the company continues to report negative profitability metrics.

Asana, Inc. (NYSE:ASAN - Get Free Report) shares fell 4.6% during mid-day trading on Friday . The stock traded as low as $9.65 and last traded at $9.6210. Approximately 678,767 shares were traded during trading, a decline of 89% from the average session volume of 6,055,475 shares. The stock had previously closed at $10.09.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Morgan Stanley lowered their price objective on shares of Asana from $8.00 to $7.00 and set an "underweight" rating for the company in a research note on Friday, May 29th. UBS Group upped their target price on shares of Asana from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Friday, September 4th. Robert W. Baird raised their price target on shares of Asana from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, September 4th. Piper Sandler raised 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, Wall Street Zen upgraded shares of Asana from a "hold" rating to a "buy" rating in a research note on Sunday, September 13th. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $9.95.

Asana Trading Down 4.5%

The firm has a market cap of $2.21 billion, a PE ratio of -14.58 and a beta of 0.95. The business has a fifty day moving average price of $8.77 and a 200 day moving average price of $7.49.

Asana (NYSE:ASAN - Get Free Report) last posted its quarterly earnings data on Thursday, September 3rd. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. Asana had a negative return on equity of 80.33% and a negative net margin of 18.62%.The business had revenue of $216.43 million during the quarter, compared to the consensus estimate of $214.15 million. During the same period in the prior year, the company earned $0.06 earnings per share. The company'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. On average, research analysts expect that Asana, Inc. will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Aziz Megji sold 13,239 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $6.73, for a total value of $89,098.47. Following the transaction, the chief financial officer owned 765,389 shares of the company's stock, valued at approximately $5,151,067.97. The trade was a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Veronica Sosa sold 11,378 shares of the company'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 $75,777.48. Following the sale, the chief accounting officer owned 62,344 shares of the company's stock, valued at $415,211.04. This trade represents a 15.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 119,959 shares of company stock valued at $809,325 in the last quarter. 87.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Asana

A number of hedge funds and other institutional investors have recently bought and sold shares of ASAN. Optiver Holding B.V. raised its position in Asana by 2,008.8% during the 1st quarter. Optiver Holding B.V. now owns 5,251 shares of the company's stock worth $34,000 after buying an additional 5,002 shares during the last quarter. Performa Ltd US LLC boosted its holdings in shares of Asana by 335.1% in the first quarter. Performa Ltd US LLC now owns 6,200 shares of the company's stock valued at $40,000 after acquiring an additional 4,775 shares in the last quarter. Leonteq Securities AG acquired a new position in shares of Asana during the fourth quarter worth about $98,000. Summit Securities Group LLC acquired a new position in shares of Asana during the first quarter worth about $53,000. Finally, Kemnay Advisory Services Inc. purchased a new position in Asana during the fourth quarter worth about $132,000. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

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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