Asana (NYSE:ASAN) Reaches New 1-Year Low – Should You Sell?

Shares of Asana, Inc. (NYSE:ASAN) reached a new 52-week low during trading on Thursday . The stock traded as low as $5.79 and last traded at $5.7440, with a volume of 402271 shares traded. The stock had previously closed at $6.05.

Analyst Upgrades and Downgrades

Several research firms recently commented on ASAN. Jefferies Financial Group decreased their price target on shares of Asana from $15.00 to $8.00 and set a “hold” rating for the company in a report on Monday, February 23rd. UBS Group decreased their price target on shares of Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Morgan Stanley decreased their price target on shares of Asana from $14.00 to $8.00 and set an “underweight” rating for the company in a report on Tuesday, March 3rd. KeyCorp reduced their target price on shares of Asana from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, March 3rd. Finally, Royal Bank Of Canada upgraded shares of Asana from an “underperform” rating to a “sector perform” rating and set a $7.00 target price for the company in a research note on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $12.46.

Asana Price Performance

The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of -7.27 and a beta of 1.08. The stock’s 50 day simple moving average is $7.34 and its 200-day simple moving average is $11.26.

Asana (NYSE:ASAN) last posted its earnings results on Monday, March 2nd. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $205.57 million during the quarter, compared to analysts’ expectations of $205.13 million. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Asana, Inc. will post -1.09 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Sonalee Elizabeth Parekh sold 34,151 shares of Asana stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $6.65, for a total value of $227,104.15. Following the transaction, the chief financial officer owned 933,998 shares of the company’s stock, valued at $6,211,086.70. This trade represents a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Katie Marie Colendich sold 7,304 shares of Asana stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $7.42, for a total transaction of $54,195.68. Following the completion of the transaction, the insider directly owned 108,214 shares in the company, valued at approximately $802,947.88. This represents a 6.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 70,226 shares of company stock valued at $472,065 over the last 90 days. 61.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Asana

A number of institutional investors have recently modified their holdings of ASAN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Asana by 5.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,546 shares of the company’s stock valued at $707,000 after purchasing an additional 2,328 shares during the period. Empowered Funds LLC raised its position in shares of Asana by 40.9% in the first quarter. Empowered Funds LLC now owns 25,441 shares of the company’s stock valued at $371,000 after purchasing an additional 7,381 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Asana by 14.5% in the first 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 purchasing an additional 32,708 shares during the period. JPMorgan Chase & Co. raised its position in shares of Asana by 48.8% in the second quarter. JPMorgan Chase & Co. now owns 663,608 shares of the company’s stock valued at $8,959,000 after purchasing an additional 217,627 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Asana by 11.8% in the second quarter. Legal & General Group Plc now owns 105,685 shares of the company’s stock valued at $1,427,000 after purchasing an additional 11,185 shares during the period. Institutional investors own 26.21% of the company’s stock.

About Asana

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.