Asana (NYSE:ASAN) Shares Down 5% – Here’s Why

Asana, Inc. (NYSE:ASAN) was down 5% on Monday. The company traded as low as $10.17 and last traded at $10.0750. Approximately 559,057 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 5,981,881 shares. The stock had previously closed at $10.61.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. DA Davidson increased their target price on Asana from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Friday, September 4th. Citigroup reissued a “market outperform” rating on shares of Asana in a report on Monday, August 24th. UBS Group restated a “neutral” rating on shares of Asana in a research note on Friday, October 16th. Wall Street Zen upgraded Asana from a “hold” rating to a “buy” rating in a research note on Sunday, October 4th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Asana in a report on Friday, September 4th. Four research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.95.

Asana Price Performance

The company’s 50-day simple moving average is $9.95 and its 200 day simple moving average is $8.14. The firm has a market cap of $2.20 billion, a P/E ratio of -14.53 and a beta of 0.99.

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

Insiders Place Their Bets

In other news, insider Katie Colendich sold 6,318 shares of Asana stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $8.65, for a total value of $54,650.70. Following the completion of the transaction, the insider owned 155,371 shares in the company, valued at approximately $1,343,959.15. The trade was a 3.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Aziz Megji sold 3,224 shares of Asana stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $9.26, for a total value of $29,854.24. Following the completion of the transaction, the chief financial officer owned 726,721 shares of the company’s stock, valued at approximately $6,729,436.46. This trade represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 551,360 shares of company stock valued at $5,239,118 over the last ninety days. 87.54% of the stock is owned by insiders.

Institutional Trading of Asana

Institutional investors have recently bought and sold shares of the stock. Private Advisor Group LLC bought a new stake in Asana in the third quarter worth about $99,000. Focus Advisor Solutions LLC grew its stake in shares of Asana by 66.4% during the third quarter. Focus Advisor Solutions LLC now owns 28,759 shares of the company’s stock valued at $242,000 after buying an additional 11,479 shares during the last quarter. Voya Investment Management LLC raised its holdings in shares of Asana by 2.3% in the third quarter. Voya Investment Management LLC now owns 4,833,361 shares of the company’s stock worth $40,745,000 after buying an additional 108,829 shares during the period. Fulcrum Asset Management LLP raised its holdings in shares of Asana by 38,814.3% in the third quarter. Fulcrum Asset Management LLP now owns 81,720 shares of the company’s stock worth $673,000 after buying an additional 81,510 shares during the period. Finally, Brighton Jones LLC raised its holdings in shares of Asana by 135.7% in the third quarter. Brighton Jones LLC now owns 86,116 shares of the company’s stock worth $726,000 after buying an additional 49,575 shares during the period. 26.21% of the stock is currently owned by institutional investors.

Asana Company Profile

Asana, Inc. develops cloud-based work management software that helps organizations coordinate projects, tasks and team workflows. Its platform provides tools for assigning work, setting deadlines, tracking progress and sharing updates across teams. Organizations can use Asana to manage projects and recurring processes, align work with broader goals, and connect workflows with other business applications. The company also offers features designed to help teams automate work and use artificial intelligence within their workflows.