Asana (NYSE:ASAN) Trading Up 8.9% – Should You Buy?

Asana, Inc. (NYSE:ASAN)’s share price traded up 8.9% during trading on Thursday . The company traded as high as $10.23 and last traded at $10.2810. 771,212 shares changed hands during trading, a decline of 87% from the average daily volume of 5,844,548 shares. The stock had previously closed at $9.44.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Asana from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 12th. Morgan Stanley cut their price target on shares of Asana from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Friday, May 29th. Citizens Jmp reiterated a “market outperform” rating and set a $15.00 target price on shares of Asana in a research report on Tuesday, July 7th. 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. Finally, Zacks Research lowered Asana from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Four analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Asana currently has a consensus rating of “Hold” and an average price target of $9.27.

Asana Price Performance

The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -14.70 and a beta of 0.93. The company’s 50 day moving average is $7.99 and its 200 day moving average is $7.27.

Asana (NYSE:ASAN) last issued its earnings results on Thursday, May 28th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. Asana had a negative net margin of 20.21% and a negative return on equity of 74.32%. The company had revenue of $205.09 million for the quarter, compared to analyst estimates of $203.58 million. During the same period in the prior year, the business posted $0.05 earnings per share. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. Sell-side analysts predict that Asana, Inc. will post -0.4 earnings per share for the current year.

Insider Activity at Asana

In related news, CFO Aziz Megji sold 13,239 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $6.73, for a total value of $89,098.47. Following the completion of the transaction, the chief financial officer directly owned 765,389 shares of the company’s stock, valued at $5,151,067.97. This trade represents a 1.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Veronica Sosa sold 11,378 shares of Asana stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $6.66, for a total value of $75,777.48. Following the transaction, the chief accounting officer directly owned 62,344 shares of the company’s stock, valued at approximately $415,211.04. This represents a 15.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 118,304 shares of company stock valued at $792,775 in the last 90 days. Insiders own 87.54% of the company’s stock.

Institutional Trading of Asana

Several large investors have recently bought and sold shares of the company. Aster Capital Management DIFC Ltd acquired a new position in Asana during the fourth quarter worth about $50,000. Daiwa Securities Group Inc. grew its position in shares of Asana by 64.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock valued at $59,000 after purchasing an additional 1,706 shares during the last quarter. 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 last quarter. Performa Ltd US LLC increased its stake in shares of Asana by 335.1% during the 1st 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. Finally, Headlands Technologies LLC purchased a new position in shares of Asana during the 2nd quarter worth approximately $90,000. Institutional investors and hedge funds 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.