Asana (NYSE:ASAN) Issues Earnings Results, Beats Expectations By $0.03 EPS

Asana (NYSE:ASAN) announced its earnings results on Tuesday. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03, Briefing.com reports. The business had revenue of $179.21 million during the quarter, compared to the consensus estimate of $177.68 million. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. Asana’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.31) earnings per share.

Asana Price Performance

Shares of NYSE:ASAN opened at $12.60 on Thursday. The stock has a market capitalization of $2.87 billion, a P/E ratio of -10.77 and a beta of 1.16. The business has a 50-day moving average of $13.71 and a two-hundred day moving average of $14.71. Asana has a fifty-two week low of $11.29 and a fifty-two week high of $23.44. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.71 and a quick ratio of 1.71.

Insider Activity

In related news, CFO Tim M. Wan sold 28,856 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $330,112.64. Following the transaction, the chief financial officer now directly owns 1,050,284 shares in the company, valued at approximately $12,015,248.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Tim M. Wan sold 28,856 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $330,112.64. Following the completion of the transaction, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at approximately $12,015,248.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Tim M. Wan sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $15.00, for a total value of $75,000.00. Following the completion of the sale, the chief financial officer now directly owns 1,063,909 shares in the company, valued at approximately $15,958,635. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,443 shares of company stock valued at $1,026,976. Insiders own 63.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $11.00 price objective (down previously from $14.00) on shares of Asana in a research note on Wednesday. Robert W. Baird lowered their price target on Asana from $20.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday. Piper Sandler reduced their price objective on Asana from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Wednesday. Morgan Stanley lowered their target price on Asana from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 20th. Finally, HSBC upgraded Asana from a “reduce” rating to a “hold” rating and dropped their target price for the company from $16.00 to $14.00 in a report on Monday, June 3rd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $14.80.

About Asana

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. Its platform helps organizations to orchestrate work from daily tasks to cross-functional strategic initiatives; manage work across a portfolio of projects or workflows, see progress against goals, identify bottlenecks, resource constraints, and milestones; and communicate company-wide goals, monitor status, and oversee work across projects and portfolios to gain real-time insights.