Asana (NYSE:ASAN) Announces Quarterly Earnings Results

Asana (NYSE:ASAN) released its earnings results on Thursday. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02, FiscalAI reports. The company had revenue of $205.10 million during the quarter, compared to the consensus estimate of $203.58 million. Asana had a negative return on equity of 77.05% and a negative net margin of 23.90%.

Asana Trading Up 4.3%

Shares of ASAN stock traded up $0.27 on Thursday, reaching $6.68. 9,637,370 shares of the stock were exchanged, compared to its average volume of 5,970,118. The business’s 50 day moving average price is $6.31 and its 200 day moving average price is $9.43. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -8.35 and a beta of 0.95. Asana has a twelve month low of $5.38 and a twelve month high of $19.00.

Insider Buying and Selling

In related news, insider Katie Marie Colendich sold 7,304 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.42, for a total transaction of $54,195.68. Following the completion of the transaction, the insider owned 108,214 shares in the company, valued at approximately $802,947.88. The trade was a 6.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Veronica Sosa sold 6,479 shares of the business’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.65, for a total transaction of $43,085.35. Following the transaction, the chief accounting officer owned 73,722 shares of the company’s stock, valued at approximately $490,251.30. The trade was a 8.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 70,226 shares of company stock worth $472,065. Corporate insiders own 61.28% of the company’s stock.

Hedge Funds Weigh In On Asana

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASAN. Goldman Sachs Group Inc. boosted its holdings in Asana by 53.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,791,902 shares of the company’s stock valued at $38,277,000 after purchasing an additional 977,107 shares in the last quarter. Marshall Wace LLP boosted its holdings in Asana by 35.1% in the fourth quarter. Marshall Wace LLP now owns 2,653,145 shares of the company’s stock valued at $36,375,000 after purchasing an additional 689,546 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Asana by 12.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,214,591 shares of the company’s stock valued at $71,492,000 after acquiring an additional 565,681 shares in the last quarter. Federated Hermes Inc. boosted its stake in Asana by 94.7% in the fourth quarter. Federated Hermes Inc. now owns 804,743 shares of the company’s stock valued at $11,033,000 after acquiring an additional 391,412 shares in the last quarter. Finally, Trexquant Investment LP boosted its stake in Asana by 276.2% in the fourth quarter. Trexquant Investment LP now owns 489,091 shares of the company’s stock valued at $6,705,000 after acquiring an additional 359,085 shares in the last quarter. 26.21% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Citigroup dropped their target price on Asana from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. UBS Group dropped their price target 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. Robert W. Baird dropped their price target 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. KeyCorp dropped their price target on shares of Asana from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, March 3rd. Finally, Morgan Stanley lowered their price objective on Asana from $14.00 to $8.00 and set an “underweight” rating for the company in a research report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Asana presently has a consensus rating of “Hold” and an average target price of $12.32.

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.