Asana (NYSE:ASAN) Announces Earnings Results, Misses Expectations By $0.18 EPS

Asana (NYSE:ASAN) posted its earnings results on Tuesday. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.18), Zacks reports. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%.

Asana Price Performance

Shares of Asana stock traded up $0.60 on Tuesday, hitting $18.98. 4,919,733 shares of the company traded hands, compared to its average volume of 2,777,799. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. The business has a 50-day simple moving average of $16.23 and a 200 day simple moving average of $18.28. Asana has a 52 week low of $11.05 and a 52 week high of $27.77. The stock has a market capitalization of $4.42 billion, a P/E ratio of -16.95 and a beta of 1.21.

Insider Activity at Asana

In other news, CEO Dustin A. Moskovitz acquired 50,000 shares of the firm’s stock in a transaction dated Tuesday, April 15th. The shares were acquired at an average cost of $15.84 per share, with a total value of $792,000.00. Following the acquisition, the chief executive officer now directly owns 51,398,436 shares of the company’s stock, valued at approximately $814,151,226.24. The trade was a 0.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Anne Raimondi sold 18,775 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $14.03, for a total transaction of $263,413.25. Following the completion of the transaction, the chief operating officer now directly owns 716,580 shares of the company’s stock, valued at approximately $10,053,617.40. This trade represents a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 2,074,507 shares of company stock valued at $30,025,743. Corporate insiders own 61.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Asana by 5.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,546 shares of the company’s stock valued at $707,000 after acquiring an additional 2,328 shares during the last quarter. Empowered Funds LLC grew its holdings in Asana by 40.9% during the 1st quarter. Empowered Funds LLC now owns 25,441 shares of the company’s stock valued at $371,000 after purchasing an additional 7,381 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Asana by 14.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,733 shares of the company’s stock worth $3,770,000 after purchasing an additional 32,708 shares during the period. Institutional investors own 26.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ASAN shares. Robert W. Baird lowered their price objective on shares of Asana from $23.00 to $13.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. UBS Group cut their price objective on shares of Asana from $18.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Bank of America decreased their target price on Asana from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, March 11th. Morgan Stanley downgraded Asana from an “equal weight” rating to an “underweight” rating and set a $14.00 target price on the stock. in a research report on Tuesday, May 20th. Finally, Scotiabank reduced their price target on Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, March 11th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.53.

Asana Company Profile

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. Its platform helps organizations to orchestrate work from daily tasks to cross-functional strategic initiatives; manage work across a portfolio of projects or workflows, see progress against goals, identify bottlenecks, resource constraints, and milestones; and communicate company-wide goals, monitor status, and oversee work across projects and portfolios to gain real-time insights.