Asana (NYSE:ASAN) Shares Up 6.8% – Here’s What Happened

Asana, Inc. (NYSE:ASAN) shares were up 6.8% during mid-day trading on Thursday . The company traded as high as $6.82 and last traded at $6.8490. Approximately 515,188 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 5,910,379 shares. The stock had previously closed at $6.41.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ASAN shares. Piper Sandler restated a “neutral” rating and issued a $7.00 target price (down from $9.00) on shares of Asana in a report on Tuesday, April 14th. Wall Street Zen lowered Asana from a “strong-buy” rating to a “buy” rating in a report on Sunday, April 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Asana in a report on Friday, May 8th. KeyCorp dropped their price target on shares of Asana from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 3rd. Finally, Robert W. Baird 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 note on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $12.32.

Asana Stock Up 3.5%

The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -8.31 and a beta of 0.95. The company’s 50-day simple moving average is $6.31 and its 200 day simple moving average is $9.43.

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

Insiders Place Their Bets

In other Asana news, CFO Sonalee Elizabeth Parekh sold 34,151 shares of the stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.65, for a total transaction of $227,104.15. Following the transaction, the chief financial officer directly owned 933,998 shares of the company’s stock, valued at $6,211,086.70. This represents a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Katie Marie Colendich sold 7,304 shares of the stock in a transaction 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 transaction, the insider directly owned 108,214 shares in the company, 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. Insiders have sold 70,226 shares of company stock valued at $472,065 over the last three months. 61.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Asana

Hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC acquired a new position in Asana during the third quarter worth $27,000. Jones Financial Companies Lllp grew its position in shares of Asana by 137.7% in the third quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company’s stock valued at $34,000 after purchasing an additional 1,427 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Asana in the fourth quarter valued at about $50,000. Daiwa Securities Group Inc. grew its position in shares of Asana by 64.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock valued at $59,000 after purchasing an additional 1,706 shares during the last quarter. Finally, Performa Ltd US LLC grew its position 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 purchasing an additional 4,775 shares during the last quarter. 26.21% of the stock is 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.