Sonalee Elizabeth Parekh Sells 34,151 Shares of Asana (NYSE:ASAN) Stock

Asana, Inc. (NYSE:ASAN) CFO Sonalee Elizabeth Parekh sold 34,151 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.65, for a total transaction of $227,104.15. Following the transaction, the chief financial officer owned 933,998 shares of the company’s stock, valued at approximately $6,211,086.70. This trade represents a 3.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Asana Price Performance

Shares of ASAN opened at $6.24 on Wednesday. The firm’s 50 day moving average is $8.42 and its 200-day moving average is $11.83. Asana, Inc. has a 12-month low of $6.16 and a 12-month high of $19.00. The stock has a market capitalization of $1.48 billion, a P/E ratio of -7.79 and a beta of 1.01.

Asana (NYSE:ASAN) last released its earnings results on Monday, March 2nd. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. The business had revenue of $205.57 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 9.2% on a year-over-year basis. As a group, equities research analysts forecast that Asana, Inc. will post -1.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ASAN has been the subject of several research reports. Piper Sandler reduced their price objective on Asana from $14.00 to $9.00 and set an “overweight” rating for the company in a research note on Tuesday, March 3rd. DA Davidson cut their target price on Asana from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 3rd. HSBC set a $8.00 target price on Asana in a report on Friday, February 13th. Morgan Stanley cut their price objective on Asana from $14.00 to $8.00 and set an “underweight” rating on the stock in a report on Tuesday, March 3rd. Finally, UBS Group cut their price objective on Asana from $16.00 to $9.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.46.

Institutional Trading of Asana

Several large investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its position in shares of Asana by 1,162.2% in the third quarter. Federated Hermes Inc. now owns 413,331 shares of the company’s stock worth $5,522,000 after buying an additional 380,583 shares during the period. Inceptionr LLC purchased a new position in shares of Asana during the second quarter valued at $322,000. Universal Beteiligungs und Servicegesellschaft mbH raised its position in Asana by 233.4% during the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 65,270 shares of the company’s stock valued at $881,000 after buying an additional 45,690 shares during the period. Marex Group plc acquired a new position in Asana during the second quarter valued at $4,772,000. Finally, Geode Capital Management LLC lifted its stake in Asana by 13.9% in the 2nd quarter. Geode Capital Management LLC now owns 2,153,811 shares of the company’s stock worth $29,080,000 after acquiring an additional 263,601 shares in the last quarter. 26.21% of the stock is owned by institutional investors and hedge funds.

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.