Asana (NYSE:ASAN) Hits New 52-Week Low on Insider Selling

Asana, Inc. (NYSE:ASAN) shares hit a new 52-week low on Thursday following insider selling activity. The company traded as low as $5.96 and last traded at $6.0450, with a volume of 6749392 shares traded. The stock had previously closed at $6.24.

Specifically, 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 transaction, the chief financial officer owned 915,281 shares in the company, valued at $6,059,160.22. This represents a 2.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Veronica Sosa sold 6,479 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $6.65, for a total transaction of $43,085.35. Following the sale, the chief accounting officer owned 73,722 shares of the company’s stock, valued at $490,251.30. This trade represents a 8.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In other Asana news, CFO Sonalee Elizabeth Parekh sold 34,151 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $6.65, for a total transaction of $227,104.15. Following the completion of the sale, the chief financial officer directly owned 933,998 shares of the company’s stock, valued at approximately $6,211,086.70. This represents a 3.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ASAN shares. Wall Street Zen upgraded shares of Asana from a “hold” rating to a “buy” rating in a research note on Sunday, January 11th. DA Davidson decreased their target price on Asana from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, December 3rd. BTIG Research started coverage on Asana in a research report on Tuesday, December 16th. They set a “neutral” rating on the stock. UBS Group cut their price target on Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Finally, KeyCorp reduced their price target on Asana from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $12.46.

Asana Stock Up 0.1%

The stock has a market capitalization of $1.47 billion, a PE ratio of -7.73 and a beta of 1.01. The stock’s 50 day moving average price is $8.11 and its 200-day moving average price is $11.69.

Asana (NYSE:ASAN) last released its 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. The company had revenue of $205.57 million for the quarter, compared to analysts’ expectations of $205.13 million. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, analysts forecast that Asana, Inc. will post -1.09 earnings per share for the current year.

Hedge Funds Weigh In On Asana

Hedge funds have recently made changes to their positions in the business. FNY Investment Advisers LLC purchased a new stake in shares of Asana during the third quarter worth about $27,000. Farther Finance Advisors LLC boosted its stake in Asana by 119.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company’s stock worth $34,000 after purchasing an additional 1,391 shares during the period. Jones Financial Companies Lllp boosted its stake in Asana by 137.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company’s stock worth $34,000 after purchasing an additional 1,427 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in Asana during the 4th quarter valued at approximately $50,000. Finally, Daiwa Securities Group Inc. grew its holdings in Asana by 64.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock valued at $59,000 after buying an additional 1,706 shares in the last quarter. Institutional investors own 26.21% of the company’s stock.

Asana Company Profile

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.