Asana (NYSE:ASAN) Trading Down 6.3% – Here’s Why

Shares of Asana, Inc. (NYSE:ASAN) dropped 6.3% during trading on Wednesday . The stock traded as low as $6.89 and last traded at $6.9240. 577,120 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 6,020,336 shares. The stock had previously closed at $7.39.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ASAN. Weiss Ratings restated a “sell (e+)” rating on shares of Asana in a research report on Friday, May 8th. Morgan Stanley decreased their price target on shares of Asana from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Friday, May 29th. KeyCorp dropped their price objective on shares of Asana from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, May 29th. Wall Street Zen downgraded shares of Asana from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 12th. Finally, Citigroup restated a “market outperform” rating on shares of Asana in a research report on Friday, May 29th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $9.27.

Asana Trading Down 4.0%

The company has a 50-day moving average price of $7.21 and a two-hundred day moving average price of $7.67. The stock has a market cap of $1.52 billion, a P/E ratio of -9.57 and a beta of 0.97.

Asana (NYSE:ASAN) last issued its quarterly earnings results on Thursday, May 28th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Asana had a negative return on equity of 74.32% and a negative net margin of 20.21%.The company had revenue of $205.09 million during the quarter, compared to the consensus estimate of $203.58 million. During the same period last year, the company earned $0.05 earnings per share. Asana’s revenue was up 9.5% on a year-over-year basis. Asana has set its FY 2027 guidance at 0.370-0.370 EPS and its Q2 2027 guidance at 0.080-0.090 EPS. As a group, equities analysts forecast that Asana, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Katie Marie 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 transaction, the insider directly owned 176,598 shares in the company, valued at approximately $1,179,674.64. This represents a 2.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Aziz Megji sold 13,239 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $6.73, for a total transaction of $89,098.47. Following the completion of the sale, the chief financial officer directly owned 765,389 shares in the company, valued at $5,151,067.97. This trade represents a 1.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 118,304 shares of company stock worth $792,775 over the last 90 days. Insiders own 61.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ASAN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Asana by 5.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,546 shares of the company’s stock worth $707,000 after acquiring an additional 2,328 shares during the last quarter. Empowered Funds LLC grew its position in Asana by 40.9% in the 1st quarter. Empowered Funds LLC now owns 25,441 shares of the company’s stock valued at $371,000 after acquiring an additional 7,381 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Asana by 14.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,733 shares of the company’s stock valued at $3,770,000 after acquiring an additional 32,708 shares during the last quarter. American Century Companies Inc. purchased a new stake in Asana in the second quarter worth $158,000. Finally, Prudential Financial Inc. purchased a new stake in Asana in the second quarter worth $160,000. 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.