Asana (NYSE:ASAN) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Asana (NYSE:ASAN) from a hold rating to a buy rating in a report released on Sunday,Wall Street Zen reports.

Other equities research analysts have also recently issued reports about the stock. KeyCorp reduced their target price on shares of Asana from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, May 29th. Royal Bank Of Canada boosted their price target on shares of Asana from $8.00 to $9.50 and gave the stock a “sector perform” rating in a research report on Friday, September 4th. Piper Sandler upped their price objective on shares of Asana from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Friday, September 4th. Robert W. Baird upped their price objective on shares of Asana from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, September 4th. Finally, Citigroup reiterated a “market outperform” rating on shares of Asana in a report on Monday, August 24th. Four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $9.95.

Asana Price Performance

Shares of NYSE:ASAN opened at $8.80 on Friday. The business’s 50 day moving average price is $8.58 and its 200-day moving average price is $7.42. The firm has a market capitalization of $2.02 billion, a PE ratio of -13.34 and a beta of 0.95. Asana has a 1 year low of $5.38 and a 1 year high of $15.48.

Asana (NYSE:ASAN) last issued its quarterly earnings results on Thursday, September 3rd. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. The firm had revenue of $216.43 million during the quarter, compared to analysts’ expectations of $214.15 million. Asana had a negative return on equity of 80.33% and a negative net margin of 18.62%.The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.06 earnings per share. Asana has set its FY 2027 guidance at 0.370-0.370 EPS and its Q3 2027 guidance at 0.080-0.080 EPS. As a group, analysts expect that Asana will post -0.53 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Daniel Rogers sold 13,790 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $6.89, for a total transaction of $95,013.10. Following the transaction, the chief executive officer owned 1,891,990 shares of the company’s stock, valued at approximately $13,035,811.10. The trade was a 0.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aziz Megji sold 13,239 shares of the company’s stock in a transaction dated Wednesday, June 24th. The shares were 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 of the company’s stock, valued at $5,151,067.97. This represents a 1.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 119,959 shares of company stock valued at $809,325 over the last 90 days. Insiders own 87.54% of the company’s stock.

Institutional Trading of Asana

Several hedge funds have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership grew its position in Asana by 37.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,184,248 shares of the company’s stock worth $45,979,000 after acquiring an additional 1,969,657 shares during the period. Jupiter Asset Management Ltd. raised its position in Asana by 705.6% in the fourth quarter. Jupiter Asset Management Ltd. now owns 1,374,891 shares of the company’s stock valued at $18,850,000 after purchasing an additional 1,204,232 shares during the period. Bank of America Corp DE lifted its stake in shares of Asana by 92.6% in the 1st quarter. Bank of America Corp DE now owns 2,237,195 shares of the company’s stock valued at $14,318,000 after purchasing an additional 1,075,572 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Asana by 53.8% in the 4th 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 during the last quarter. Finally, Marshall Wace LLP lifted its stake in shares of Asana by 35.1% in the 4th 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 during the last quarter. Hedge funds and other institutional investors own 26.21% of the company’s stock.

About Asana

Asana, Inc develops cloud-based work management software that helps organizations coordinate projects, tasks and team workflows. Its platform is designed to improve collaboration, planning and visibility across departments, enabling users to assign work, set deadlines, track progress and manage priorities in one system.

Asana’s products and features include project and task management, workflow automation, project portfolios, goals and reporting tools, team collaboration capabilities, and integrations with other business applications.