Asana (NYSE:ASAN) Releases Q3 2023 Earnings Guidance

Asana (NYSE:ASANGet Rating) issued an update on its third quarter 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of -$0.33–$0.32 for the period, compared to the consensus estimate of -$0.32. The company issued revenue guidance of $138.50 million-$139.50 million, compared to the consensus revenue estimate of $137.64 million. Asana also updated its FY 2023 guidance to EPS.

Asana Trading Down 5.2 %

ASAN stock traded down $1.13 during midday trading on Friday, reaching $20.80. The company’s stock had a trading volume of 15,777 shares, compared to its average volume of 5,966,304. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a fifty day simple moving average of $21.83 and a two-hundred day simple moving average of $25.59. Asana has a 1 year low of $16.19 and a 1 year high of $145.79. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of -11.19 and a beta of 1.82.

Asana (NYSE:ASANGet Rating) last released its earnings results on Wednesday, September 7th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.05. Asana had a negative return on equity of 212.28% and a negative net margin of 79.34%. The business had revenue of $134.90 million for the quarter, compared to analyst estimates of $127.27 million. During the same quarter last year, the firm posted ($0.36) earnings per share. The business’s revenue was up 50.8% compared to the same quarter last year. On average, equities research analysts predict that Asana will post -2.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ASAN shares. Morgan Stanley cut their price target on Asana from $38.00 to $35.00 and set an equal weight rating on the stock in a research note on Friday, June 3rd. Wolfe Research raised their price target on Asana from $22.00 to $23.75 and gave the company an outperform rating in a research note on Thursday, September 8th. Robert W. Baird cut their price target on Asana from $65.00 to $31.00 and set an outperform rating on the stock in a research note on Friday, June 3rd. Moffett Nathanson began coverage on Asana in a research note on Thursday. They issued a market perform rating and a $26.00 target price on the stock. Finally, Oppenheimer cut their target price on Asana to $30.00 and set an outperform rating on the stock in a research note on Wednesday, July 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Asana has a consensus rating of Hold and an average target price of $32.84.

Insider Buying and Selling

In other news, CEO Dustin A. Moskovitz bought 19,273,127 shares of the firm’s stock in a transaction that occurred on Wednesday, September 7th. The stock was purchased at an average price of $18.16 per share, with a total value of $349,999,986.32. Following the completion of the acquisition, the chief executive officer now directly owns 39,112,803 shares of the company’s stock, valued at approximately $710,288,502.48. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 61.87% of the company’s stock.

Institutional Investors Weigh In On Asana

A number of institutional investors and hedge funds have recently modified their holdings of the company. Prudential Financial Inc. raised its position in Asana by 239.8% during the second quarter. Prudential Financial Inc. now owns 20,770 shares of the company’s stock valued at $373,000 after acquiring an additional 14,658 shares in the last quarter. Mackenzie Financial Corp raised its position in Asana by 95.5% during the first quarter. Mackenzie Financial Corp now owns 8,150 shares of the company’s stock valued at $326,000 after acquiring an additional 3,981 shares in the last quarter. Evercore Wealth Management LLC purchased a new position in Asana during the first quarter valued at approximately $320,000. Pearl River Capital LLC purchased a new position in Asana during the first quarter valued at approximately $310,000. Finally, Brighton Jones LLC raised its position in Asana by 45.4% during the first quarter. Brighton Jones LLC now owns 6,361 shares of the company’s stock valued at $254,000 after acquiring an additional 1,986 shares in the last quarter. Institutional investors and hedge funds own 28.22% of the company’s stock.

Asana Company Profile

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Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. The company's platform enables teams to orchestrate work from daily tasks to cross-functional strategic initiatives; and manages product launches, marketing campaigns, and organization-wide goal settings.

See Also

Earnings History and Estimates for Asana (NYSE:ASAN)

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