Asana (NYSE:ASAN) Stock Price Down 4.2% After Analyst Downgrade

Asana, Inc. (NYSE:ASAN)’s share price fell 4.2% during trading on Tuesday after Piper Sandler downgraded the stock from an overweight rating to a neutral rating. Piper Sandler now has a $7.00 price target on the stock. Asana traded as low as $5.58 and last traded at $5.5570. 1,730,916 shares were traded during mid-day trading, a decline of 69% from the average session volume of 5,604,870 shares. The stock had previously closed at $5.80.

Several other brokerages have also recently issued reports on ASAN. Wall Street Zen upgraded shares of Asana from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 11th. HSBC set a $8.00 price target on shares of Asana in a research report on Friday, February 13th. Morgan Stanley cut their price target on shares of Asana from $14.00 to $8.00 and set an “underweight” rating on the stock in a report on Tuesday, March 3rd. Jefferies Financial Group decreased their price objective on shares of Asana from $15.00 to $8.00 and set a “hold” rating on the stock in a research report on Monday, February 23rd. Finally, UBS Group lowered their price objective 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. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $12.32.

Insider Buying and Selling

In related news, insider Katie Marie Colendich sold 7,304 shares of Asana 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 sale, the insider 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Sonalee Elizabeth Parekh sold 18,717 shares of the business’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $6.62, for a total transaction of $123,906.54. Following the transaction, the chief financial officer directly owned 915,281 shares in the company, valued at approximately $6,059,160.22. The trade was a 2.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 70,226 shares of company stock valued at $472,065 over the last quarter. 61.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Asana

A number of institutional investors have recently bought and sold shares of the stock. FNY Investment Advisers LLC bought a new stake in Asana during the 3rd quarter valued at approximately $27,000. Jones Financial Companies Lllp lifted its stake in shares of Asana by 137.7% in the 3rd 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 period. Farther Finance Advisors LLC boosted its position in shares of Asana by 119.7% during the third quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company’s stock valued at $34,000 after purchasing an additional 1,391 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Asana during the fourth quarter valued at approximately $50,000. Finally, Daiwa Securities Group Inc. grew its stake in Asana by 64.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock worth $59,000 after purchasing an additional 1,706 shares during the period. 26.21% of the stock is owned by institutional investors.

Asana Stock Up 14.3%

The business has a fifty day simple moving average of $6.94 and a 200-day simple moving average of $10.97. The firm has a market cap of $1.49 billion, a P/E ratio of -7.84 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. The company had revenue of $205.57 million for the quarter, compared to the consensus estimate of $205.13 million. The business’s revenue was up 9.2% on a year-over-year basis. On average, sell-side analysts anticipate that Asana, Inc. will post -1.09 EPS for the current fiscal year.

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.