Asana (NYSE:ASAN) Downgraded to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of Asana (NYSE:ASAN) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks.com reports.

ASAN has been the subject of a number of other reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Asana in a research note on Wednesday, August 5th. Wall Street Zen cut Asana from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 12th. Barclays downgraded Asana to an “outperform” rating in a report on Monday. DA Davidson reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Asana in a research report on Friday, May 29th. Finally, Morgan Stanley reduced their target price on shares of Asana from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Friday, May 29th. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $9.27.

Asana Stock Performance

Shares of ASAN opened at $9.45 on Tuesday. The company’s 50 day moving average price is $7.99 and its 200 day moving average price is $7.27. Asana has a 52 week low of $5.38 and a 52 week high of $15.71. The company has a market capitalization of $2.18 billion, a PE ratio of -13.70 and a beta of 0.93.

Asana (NYSE:ASAN) last posted its quarterly earnings results on Thursday, May 28th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Asana had a negative net margin of 20.21% and a negative return on equity of 74.32%. The business had revenue of $205.09 million for the quarter, compared to the consensus estimate of $203.58 million. During the same period in the prior year, the business posted $0.05 earnings per share. Asana’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, equities analysts forecast that Asana will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Asana

In other Asana news, insider Katie Marie Colendich sold 8,337 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $6.74, for a total transaction of $56,191.38. Following the transaction, the insider directly owned 181,840 shares in the company, valued at $1,225,601.60. This trade represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Mark Rogers sold 26,975 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $6.66, for a total value of $179,653.50. Following the completion of the sale, the chief executive officer directly owned 1,905,780 shares of the company’s stock, valued at $12,692,494.80. This represents a 1.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 118,304 shares of company stock valued at $792,775. Corporate insiders own 87.54% of the company’s stock.

Institutional Investors Weigh In On Asana

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings 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 purchasing an additional 2,328 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Asana by 40.9% in the first quarter. Empowered Funds LLC now owns 25,441 shares of the company’s stock worth $371,000 after buying an additional 7,381 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Asana by 14.5% during 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 buying an additional 32,708 shares during the period. American Century Companies Inc. bought a new stake in shares of Asana during the 2nd quarter worth $158,000. Finally, Prudential Financial Inc. acquired a new position in Asana in the 2nd quarter valued at $160,000. 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.