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

Shares of Asana, Inc. (NYSE:ASAN) gapped up before the market opened on Monday . The stock had previously closed at $8.77, but opened at $9.18. Asana shares last traded at $9.2640, with a volume of 639,209 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ASAN shares. Citizens Jmp reiterated a “market outperform” rating and issued a $15.00 target price on shares of Asana in a research report on Friday, September 4th. UBS Group upped their price target on shares of Asana from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, September 4th. Robert W. Baird increased their price objective on Asana from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, September 4th. BTIG Research restated a “neutral” rating on shares of Asana in a research note on Friday, September 4th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Asana in a research report on Monday, August 24th. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $9.95.

Asana Stock Performance

The stock has a 50 day moving average of $8.67 and a two-hundred day moving average of $7.45. The firm has a market capitalization of $2.17 billion, a P/E ratio of -14.37 and a beta of 0.95.

Asana (NYSE:ASAN) last announced its earnings results on Thursday, September 3rd. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Asana had a negative return on equity of 80.33% and a negative net margin of 18.62%.The firm had revenue of $216.43 million during the quarter, compared to analysts’ expectations of $214.15 million. During the same quarter in the prior year, the business earned $0.06 earnings per share. The company’s revenue was up 9.9% on a year-over-year basis. Asana has set its FY 2027 guidance at 0.370-0.370 EPS and its Q3 2027 guidance at 0.080-0.080 EPS. Sell-side analysts predict that Asana, Inc. will post -0.53 EPS for the current year.

Insider Activity

In related news, CAO Veronica Sosa sold 11,378 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $6.66, for a total transaction of $75,777.48. Following the completion of the sale, the chief accounting officer directly owned 62,344 shares of the company’s stock, valued at approximately $415,211.04. This represents a 15.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Katie Colendich sold 5,242 shares of the firm’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $6.68, for a total transaction of $35,016.56. Following the completion of the transaction, the insider owned 176,598 shares in the company, valued at $1,179,674.64. The trade was a 2.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 119,959 shares of company stock valued at $809,325 in the last quarter. 87.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Asana

Several hedge funds and other institutional investors have recently made changes to their positions in the business. ProShare Advisors LLC boosted its stake in Asana by 7.8% in the fourth quarter. ProShare Advisors LLC now owns 16,412 shares of the company’s stock valued at $225,000 after acquiring an additional 1,188 shares during the last quarter. Handelsbanken Fonder AB raised its position in shares of Asana by 19.6% during the 4th quarter. Handelsbanken Fonder AB now owns 23,200 shares of the company’s stock valued at $318,000 after acquiring an additional 3,800 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Asana by 13.9% in the 1st quarter. Blue Trust Inc. now owns 33,716 shares of the company’s stock valued at $216,000 after purchasing an additional 4,117 shares during the period. 180 Wealth Advisors LLC lifted its stake in shares of Asana by 20.3% in the 2nd quarter. 180 Wealth Advisors LLC now owns 27,637 shares of the company’s stock valued at $193,000 after purchasing an additional 4,655 shares during the period. Finally, Performa Ltd US LLC boosted its position in shares of Asana by 335.1% in the 1st quarter. Performa Ltd US LLC now owns 6,200 shares of the company’s stock worth $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 develops cloud-based work management software that helps organizations coordinate projects, tasks and team workflows. Its platform is designed to improve collaboration, planning and visibility across departments, enabling users to assign work, set deadlines, track progress and manage priorities in one system.

Asana’s products and features include project and task management, workflow automation, project portfolios, goals and reporting tools, team collaboration capabilities, and integrations with other business applications.