Asana (NYSE:ASAN) Stock Jumps 3.9% – Here’s What Happened

Asana, Inc. (NYSE:ASAN)’s stock price was up 3.9% during mid-day trading on Wednesday. The company traded as high as $9.48 and last traded at $9.4350. 4,667,576 shares were traded during trading, a decline of 24% from the average daily volume of 6,164,294 shares. The stock had previously closed at $9.08.

Wall Street Analysts Forecast Growth

ASAN has been the topic of a number of recent analyst reports. Robert W. Baird raised their target price on shares of Asana from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, September 4th. Wall Street Zen upgraded shares of Asana from a “hold” rating to a “buy” rating in a research report on Sunday, September 13th. UBS Group increased their price objective on shares of Asana from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, September 4th. Piper Sandler raised their price objective on shares of Asana from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Friday, September 4th. Finally, Citizens Jmp restated a “market outperform” rating and set a $15.00 price objective on shares of Asana in a research report on Friday, September 4th. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Asana currently has a consensus rating of “Hold” and a consensus target price of $9.95.

Asana Stock Up 1.3%

The stock has a market cap of $2.12 billion, a P/E ratio of -13.98 and a beta of 0.95. The business has a 50 day moving average price of $8.96 and a two-hundred day moving average price of $7.55.

Asana (NYSE:ASAN) last released its quarterly earnings data on Thursday, September 3rd. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01. The business had revenue of $216.43 million during 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 revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $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. On average, research analysts forecast that Asana, Inc. will post -0.53 earnings per share for the current year.

Insider Activity at Asana

In other Asana news, insider Katie Colendich sold 8,474 shares of the firm’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $9.77, for a total transaction of $82,790.98. Following the completion of the transaction, the insider owned 161,689 shares in the company, valued at $1,579,701.53. This trade represents a 4.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Rogers sold 300,937 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $9.53, for a total value of $2,867,929.61. Following the transaction, the chief executive officer owned 1,624,894 shares of the company’s stock, valued at $15,485,239.82. This represents a 15.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 521,135 shares of company stock valued at $4,871,882. Insiders own 87.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ASAN. Sequoia Financial Advisors LLC bought a new stake in Asana in the second quarter worth $88,000. Integrated Wealth Concepts LLC bought a new position in Asana during the second quarter valued at $164,000. Squarepoint Ops LLC lifted its position in Asana by 108.3% during the second quarter. Squarepoint Ops LLC now owns 888,160 shares of the company’s stock valued at $6,217,000 after purchasing an additional 461,858 shares during the last quarter. Allworth Financial LP lifted its position in Asana by 193.4% during the second quarter. Allworth Financial LP now owns 13,195 shares of the company’s stock valued at $92,000 after purchasing an additional 8,698 shares during the last quarter. Finally, Corient Private Wealth LP purchased a new position in shares of Asana in the 2nd quarter worth $451,000. 26.21% of the stock is owned by hedge funds and other institutional investors.

Asana Company Profile

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.