Asana (NYSE:ASAN) Shares Down 4.6% – Here’s What Happened

Asana, Inc. (NYSE:ASAN) was down 4.6% during mid-day trading on Friday . The stock traded as low as $9.65 and last traded at $9.6210. Approximately 678,767 shares changed hands during trading, a decline of 89% from the average daily volume of 6,055,475 shares. The stock had previously closed at $10.09.

Analyst Ratings Changes

ASAN has been the subject of several recent analyst reports. KeyCorp reduced their price target on Asana from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, May 29th. Zacks Research cut Asana from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Robert W. Baird raised their target price on Asana from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, September 4th. UBS Group boosted their target price on shares of Asana from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, September 4th. Finally, Barclays cut shares of Asana to an “outperform” rating in a research note on Monday, August 24th. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $9.95.

Asana Trading Down 4.5%

The firm has a market capitalization of $2.21 billion, a PE ratio of -14.58 and a beta of 0.95. The stock’s 50 day moving average price is $8.77 and its two-hundred day moving average price is $7.49.

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

Insider Buying and Selling

In related news, CEO Daniel Rogers sold 13,790 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $6.89, for a total value of $95,013.10. Following the completion of the transaction, the chief executive officer owned 1,891,990 shares of the company’s stock, valued at approximately $13,035,811.10. The trade was a 0.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katie Colendich sold 5,242 shares of the company’s stock in a transaction dated 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 approximately $1,179,674.64. This trade represents a 2.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 119,959 shares of company stock valued at $809,325 over the last three months. Insiders own 87.54% of the company’s stock.

Institutional Trading of Asana

Hedge funds and other institutional investors have recently bought and sold shares of the company. Optiver Holding B.V. grew its position in shares of Asana by 2,008.8% in the first quarter. Optiver Holding B.V. now owns 5,251 shares of the company’s stock valued at $34,000 after purchasing an additional 5,002 shares during the period. Performa Ltd US LLC lifted its stake in shares of Asana by 335.1% during the first 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 in the last quarter. Leonteq Securities AG acquired a new stake in shares of Asana in the fourth quarter valued at about $98,000. Summit Securities Group LLC purchased a new stake in shares of Asana during the first quarter valued at approximately $53,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in Asana during the 4th quarter worth $132,000. 26.21% of the stock is owned by hedge funds and other institutional investors.

Asana Company Profile

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.