Asana (NYSE:ASAN) Trading 8.9% Higher - Here's What Happened

Asana, Inc. (NYSE:ASAN - Get Free Report) rose 8.9% on Thursday . The stock traded as high as $10.23 and last traded at $10.2810. Approximately 771,212 shares were traded during trading, a decline of 87% from the average daily volume of 5,844,548 shares. The stock had previously closed at $9.44.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ASAN. Zacks Research downgraded Asana from a "strong-buy" rating to a "hold" rating in a report on Tuesday. KeyCorp cut their price objective on shares of Asana from $15.00 to $13.00 and set an "overweight" rating on the stock in a report on Friday, May 29th. Wall Street Zen downgraded shares of Asana from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 12th. UBS Group restated a "neutral" rating and issued a $8.00 target price on shares of Asana in a report on Friday, May 29th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Asana in a research report on Wednesday, August 5th. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Asana presently has an average rating of "Hold" and an average target price of $9.27.

Asana Trading Up 7.6%

The firm has a market capitalization of $2.34 billion, a PE ratio of -14.70 and a beta of 0.93. The company has a fifty day moving average price of $7.99 and a two-hundred day moving average price of $7.27.

Asana (NYSE:ASAN - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.02. The firm had revenue of $205.09 million for the quarter, compared to the consensus estimate of $203.58 million. Asana had a negative return on equity of 74.32% and a negative net margin of 20.21%.The firm's quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 EPS. As a group, equities research analysts predict that Asana, Inc. will post -0.4 earnings per share for the current year.

Insider Transactions at Asana

In other news, CAO Veronica Sosa sold 11,378 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $6.66, for a total transaction of $75,777.48. Following the transaction, the chief accounting officer directly owned 62,344 shares in the company, valued at approximately $415,211.04. This trade represents a 15.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Daniel Mark Rogers sold 13,790 shares of Asana stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $6.89, for a total transaction of $95,013.10. Following the completion of the transaction, the chief executive officer directly owned 1,891,990 shares in the company, valued at $13,035,811.10. The trade was a 0.72% decrease in their ownership of the stock. 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 118,304 shares of company stock valued at $792,775 over the last ninety days. 87.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ASAN. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Asana in the second quarter valued at about $415,000. California State Teachers Retirement System grew its holdings in shares of Asana by 874.2% during the second quarter. California State Teachers Retirement System now owns 764,533 shares of the company's stock worth $5,352,000 after buying an additional 686,051 shares during the last quarter. HB Wealth Management LLC acquired a new position in Asana in the 2nd quarter valued at about $71,000. Handelsbanken Fonder AB raised its stake in Asana by 41.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 32,900 shares of the company's stock valued at $230,000 after acquiring an additional 9,700 shares during the last quarter. Finally, 180 Wealth Advisors LLC grew its stake in shares of Asana by 20.3% in the 2nd quarter. 180 Wealth Advisors LLC now owns 27,637 shares of the company's stock valued at $193,000 after purchasing an additional 4,655 shares during the last quarter. 26.21% of the stock is currently owned by institutional investors and hedge funds.

About Asana

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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