Asana (NYSE:ASAN) Updates Q3 Earnings Guidance

Asana (NYSE:ASAN) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $(0.07) for the period, compared to the consensus estimate of ($0.03). The company issued revenue guidance of $180-181 million, compared to the consensus revenue estimate of $182.29 million. Asana also updated its FY25 guidance to $(0.20)-$(0.19) EPS.

Analysts Set New Price Targets

ASAN has been the topic of several analyst reports. Piper Sandler lowered their target price on Asana from $14.00 to $12.00 and set a neutral rating on the stock in a research note on Wednesday. UBS Group reduced their target price on shares of Asana from $17.00 to $13.00 and set a neutral rating for the company in a research note on Wednesday. Royal Bank of Canada restated an underperform rating and issued a $10.00 price objective on shares of Asana in a research report on Wednesday. JPMorgan Chase & Co. reduced their price target on Asana from $15.00 to $13.00 and set an underweight rating for the company in a report on Wednesday. Finally, Citigroup dropped their price objective on Asana from $15.00 to $13.00 and set a neutral rating on the stock in a report on Wednesday. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $14.67.

Asana Stock Performance

NYSE:ASAN opened at $12.58 on Friday. Asana has a twelve month low of $11.29 and a twelve month high of $23.44. The company has a market capitalization of $2.87 billion, a P/E ratio of -10.75 and a beta of 1.16. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $13.69 and a two-hundred day moving average price of $14.70.

Asana (NYSE:ASAN) last announced its earnings results on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The firm had revenue of $179.21 million for the quarter, compared to analysts’ expectations of $177.68 million. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. Asana’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.31) EPS. As a group, research analysts expect that Asana will post -1.05 earnings per share for the current fiscal year.

Insider Activity at Asana

In other Asana news, CFO Tim M. Wan sold 28,856 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $11.44, for a total transaction of $330,112.64. Following the sale, the chief financial officer now directly owns 1,050,284 shares of the company’s stock, valued at approximately $12,015,248.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Tim M. Wan sold 10,000 shares of Asana stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $15.00, for a total value of $150,000.00. Following the transaction, the chief financial officer now owns 1,050,284 shares in the company, valued at $15,754,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Tim M. Wan sold 28,856 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $330,112.64. Following the sale, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at $12,015,248.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,443 shares of company stock valued at $1,026,976. 63.97% of the stock is owned by insiders.

About Asana

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. Its platform helps organizations to orchestrate work from daily tasks to cross-functional strategic initiatives; manage work across a portfolio of projects or workflows, see progress against goals, identify bottlenecks, resource constraints, and milestones; and communicate company-wide goals, monitor status, and oversee work across projects and portfolios to gain real-time insights.