Asana (NYSE:ASAN) Trading Down 7.9% – What’s Next?

Asana, Inc. (NYSE:ASAN) dropped 7.9% on Monday . The stock traded as low as $6.12 and last traded at $6.1050. Approximately 3,662,496 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 6,016,200 shares. The stock had previously closed at $6.63.

Analysts Set New Price Targets

ASAN has been the topic of several recent research reports. UBS Group dropped their price target on shares of Asana from $16.00 to $9.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Jefferies Financial Group dropped their price target on shares of Asana from $15.00 to $8.00 and set a “hold” rating on the stock in a research report on Monday, February 23rd. HSBC set a $8.00 price target on shares of Asana in a research report on Friday, February 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Asana in a research report on Friday. Finally, Wall Street Zen cut shares of Asana from a “strong-buy” rating to a “buy” rating in a research report on Sunday, April 19th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $12.32.

Asana Stock Performance

The company’s 50 day moving average price is $6.59 and its 200-day moving average price is $10.19. The company has a market cap of $1.51 billion, a PE ratio of -7.94 and a beta of 0.95.

Asana (NYSE:ASAN) last issued its quarterly earnings results on Monday, March 2nd. The company reported $0.08 earnings per share (EPS) for the quarter, topping 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 company had revenue of $205.57 million during the quarter, compared to analyst estimates of $205.13 million. The company’s revenue was up 9.2% on a year-over-year basis. Equities research analysts expect that Asana, Inc. will post -0.53 EPS for the current year.

Insider Transactions at Asana

In other news, CAO Veronica Sosa sold 6,479 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $6.65, for a total transaction of $43,085.35. Following the completion of the sale, the chief accounting officer owned 73,722 shares in the company, valued at $490,251.30. This trade represents a 8.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Katie Marie Colendich sold 7,304 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $7.42, for a total transaction of $54,195.68. Following the sale, the insider owned 108,214 shares of the company’s stock, valued at approximately $802,947.88. The trade was a 6.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 70,226 shares of company stock worth $472,065 in the last quarter. Insiders own 61.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ASAN. FNY Investment Advisers LLC purchased a new position in Asana in the 3rd quarter valued at approximately $27,000. Jones Financial Companies Lllp grew its stake in Asana by 137.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company’s stock valued at $34,000 after buying an additional 1,427 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Asana by 119.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company’s stock valued at $34,000 after buying an additional 1,391 shares in the last quarter. Performa Ltd US LLC grew its stake in Asana by 335.1% in the 1st quarter. Performa Ltd US LLC now owns 6,200 shares of the company’s stock valued at $40,000 after buying an additional 4,775 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new position in Asana in the 4th quarter valued at approximately $50,000. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

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.