Asana (NYSE:ASAN) Stock Price Down 5.6% – What’s Next?

Asana, Inc. (NYSE:ASAN) shares fell 5.6% during trading on Thursday . The stock traded as low as $6.30 and last traded at $6.2650. 1,371,134 shares changed hands during trading, a decline of 77% from the average session volume of 5,965,667 shares. The stock had previously closed at $6.64.

Analyst Ratings Changes

Several research firms have commented on ASAN. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Asana in a research report on Friday, May 8th. Royal Bank Of Canada raised Asana from an “underperform” rating to a “sector perform” rating and set a $7.00 price target on the stock in a research report on Wednesday, April 1st. Piper Sandler reaffirmed a “neutral” rating and set a $7.00 price target (down from $9.00) on shares of Asana in a research report on Tuesday, April 14th. Citigroup cut their price target on Asana from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Finally, HSBC set a $8.00 price target on Asana in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.32.

Asana Trading Up 4.0%

The firm has a 50 day simple moving average of $6.33 and a two-hundred day simple moving average of $9.60. The company has a market capitalization of $1.57 billion, a PE ratio of -8.27 and a beta of 0.95.

Asana (NYSE:ASAN) last announced its earnings results on Monday, March 2nd. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.01. Asana had a negative return on equity of 77.05% and a negative net margin of 23.90%.The company had revenue of $205.57 million for the quarter, compared to the consensus estimate of $205.13 million. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. Research analysts expect that Asana, Inc. will post -0.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Veronica Sosa sold 6,479 shares of the company’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.65, for a total value of $43,085.35. Following the completion of the transaction, the chief accounting officer directly owned 73,722 shares in the company, valued at approximately $490,251.30. This represents a 8.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Katie Marie Colendich sold 7,304 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.42, for a total value of $54,195.68. Following the completion of the transaction, the insider owned 108,214 shares of the company’s stock, valued at $802,947.88. The trade was a 6.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 70,226 shares of company stock worth $472,065. 61.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Asana

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its position in shares of Asana by 92.6% in the first quarter. Bank of America Corp DE now owns 2,237,195 shares of the company’s stock worth $14,318,000 after buying an additional 1,075,572 shares during the period. Royal Bank of Canada boosted its position in shares of Asana by 2,925.2% in the first quarter. Royal Bank of Canada now owns 180,634 shares of the company’s stock worth $1,157,000 after buying an additional 174,663 shares during the period. Quantinno Capital Management LP boosted its position in shares of Asana by 206.4% in the first quarter. Quantinno Capital Management LP now owns 158,588 shares of the company’s stock worth $1,015,000 after buying an additional 106,836 shares during the period. SummitTX Capital L.P. purchased a new stake in shares of Asana in the first quarter worth about $229,000. Finally, Entropy Technologies LP purchased a new stake in shares of Asana in the first quarter worth about $578,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

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.