Asana (NYSE:ASAN) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Asana (NYSE:ASAN) from a hold rating to a buy rating in a report issued on Sunday,Wall Street Zen reports.

A number of other research analysts also recently weighed in on the stock. Royal Bank Of Canada upped their price objective on shares of Asana from $8.00 to $9.50 and gave the stock a “sector perform” rating in a research report on Friday, September 4th. DA Davidson raised their target price on Asana from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Friday, September 4th. Robert W. Baird lifted their price target on Asana from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, September 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Asana in a report on Wednesday, August 5th. Finally, Barclays downgraded Asana to an “outperform” rating in a research report on Monday, August 24th. Four research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $9.95.

Asana Trading Down 0.2%

Asana stock opened at $8.61 on Friday. The firm has a market cap of $1.97 billion, a PE ratio of -13.04 and a beta of 1.19. Asana has a 12 month low of $5.38 and a 12 month high of $15.48. The stock’s 50 day simple moving average is $9.13 and its two-hundred day simple moving average is $7.61.

Asana (NYSE:ASAN) last posted its earnings results on Thursday, September 3rd. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. Asana had a negative net margin of 18.62% and a negative return on equity of 80.33%. The firm had revenue of $216.43 million during the quarter, compared to analyst estimates of $214.15 million. During the same period in the previous year, the firm earned $0.06 EPS. The business’s quarterly revenue was up 9.9% on a year-over-year basis. 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, equities research analysts forecast that Asana will post -0.53 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Aziz Megji sold 3,224 shares of the stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $9.26, for a total value of $29,854.24. Following the completion of the sale, the chief financial officer directly owned 726,721 shares in the company, valued at $6,729,436.46. This represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Katie Colendich sold 6,318 shares of the firm’s stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $8.65, for a total transaction of $54,650.70. Following the completion of the transaction, the insider directly owned 155,371 shares in the company, valued at approximately $1,343,959.15. This represents a 3.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 513,663 shares of company stock valued at $4,831,520 in the last 90 days. 87.54% of the stock is owned by insiders.

Institutional Trading of Asana

Several large investors have recently bought and sold shares of ASAN. Arrowstreet Capital Limited Partnership grew its holdings in shares of Asana by 37.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,184,248 shares of the company’s stock valued at $45,979,000 after purchasing an additional 1,969,657 shares during the period. Bank of America Corp DE raised its stake in Asana by 92.6% during the first quarter. Bank of America Corp DE now owns 2,237,195 shares of the company’s stock worth $14,318,000 after purchasing an additional 1,075,572 shares during the period. Squarepoint Ops LLC raised its stake in Asana by 108.3% during the second quarter. Squarepoint Ops LLC now owns 888,160 shares of the company’s stock worth $6,217,000 after purchasing an additional 461,858 shares during the period. Y Intercept Hong Kong Ltd boosted its holdings in Asana by 250.4% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 532,796 shares of the company’s stock valued at $3,410,000 after purchasing an additional 380,741 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Asana by 49.3% in the 1st quarter. Bank of New York Mellon Corp now owns 856,622 shares of the company’s stock valued at $5,482,000 after purchasing an additional 283,054 shares during the last quarter. Hedge funds and other institutional investors own 26.21% of the company’s stock.

About Asana

Asana, Inc develops cloud-based work management software that helps organizations coordinate projects, tasks, goals and business processes. Its platform provides tools for assigning and tracking work, managing timelines and dependencies, communicating about projects, and monitoring progress across teams and departments.

Asana’s products support a range of use cases, including project and portfolio management, workflow automation, strategic planning, marketing campaigns, product development and employee onboarding.