Asana (NYSE:ASAN) Trading 8.5% Higher – Should You Buy?

Asana, Inc. (NYSE:ASAN) shares traded up 8.5% during trading on Tuesday . The company traded as high as $6.88 and last traded at $6.8250. 2,586,413 shares were traded during trading, a decline of 55% from the average session volume of 5,802,678 shares. The stock had previously closed at $6.29.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Asana in a report on Monday, December 29th. UBS Group lowered their target price on shares of Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Wall Street Zen lowered Asana from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Morgan Stanley dropped their price objective on shares of Asana from $14.00 to $8.00 and set an “underweight” rating for the company in a research report on Tuesday, March 3rd. Finally, Royal Bank Of Canada raised Asana from an “underperform” rating to a “sector perform” rating and set a $7.00 target price for the company in a research report on Wednesday, April 1st. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.32.

Asana Trading Down 8.0%

The company’s 50-day moving average is $6.73 and its two-hundred day moving average is $10.71. The stock has a market capitalization of $1.40 billion, a P/E ratio of -7.38 and a beta of 1.08.

Asana (NYSE:ASAN) last released its quarterly earnings results on Monday, March 2nd. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $205.13 million. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. Sell-side analysts expect that Asana, Inc. will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Sonalee Elizabeth Parekh sold 18,717 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $6.62, for a total value of $123,906.54. Following the completion of the transaction, the chief financial officer directly owned 915,281 shares in the company, valued at $6,059,160.22. This trade represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Katie Marie Colendich sold 7,304 shares of the company’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 value of $54,195.68. Following the completion of the sale, the insider owned 108,214 shares of the company’s stock, valued at $802,947.88. This trade represents a 6.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 70,226 shares of company stock worth $472,065. 61.28% of the stock is owned by corporate insiders.

Institutional Trading of Asana

Institutional investors and hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. boosted its stake in Asana by 1,162.2% in the 3rd quarter. Federated Hermes Inc. now owns 413,331 shares of the company’s stock worth $5,522,000 after purchasing an additional 380,583 shares during the period. Hussman Strategic Advisors Inc. raised its position in Asana by 42.9% during the third quarter. Hussman Strategic Advisors Inc. now owns 210,000 shares of the company’s stock valued at $2,806,000 after buying an additional 63,000 shares during the period. Harbor Capital Advisors Inc. lifted its stake in Asana by 25.0% in the 4th quarter. Harbor Capital Advisors Inc. now owns 36,024 shares of the company’s stock worth $494,000 after acquiring an additional 7,204 shares in the last quarter. Archford Capital Strategies LLC acquired a new stake in Asana during the 4th quarter worth about $411,000. Finally, Diversified Trust Co. grew its stake in Asana by 12.4% during the 4th quarter. Diversified Trust Co. now owns 16,468 shares of the company’s stock valued at $226,000 after acquiring an additional 1,822 shares in the last quarter. Institutional investors and hedge funds own 26.21% of the company’s stock.

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.