Asana (NYSE:ASAN) Stock Price Down 7.7% – Here’s What Happened

Asana, Inc. (NYSE:ASAN)’s stock price dropped 7.7% on Wednesday . The stock traded as low as $7.96 and last traded at $8.01. Approximately 1,162,946 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 6,219,100 shares. The stock had previously closed at $8.68.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ASAN. DA Davidson restated a “neutral” rating and set a $8.00 target price on shares of Asana in a research report on Friday, May 29th. Citizens Jmp reiterated a “market outperform” rating and set a $15.00 price target on shares of Asana in a research note on Friday, May 29th. KeyCorp cut their price objective on shares of Asana from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, May 29th. Robert W. Baird cut their price objective on shares of Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Finally, HSBC set a $8.00 price objective on shares of Asana in a research report on Friday, February 13th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $9.27.

Asana Stock Performance

The business’s 50-day moving average price is $6.48 and its 200-day moving average price is $9.22. The stock has a market cap of $1.92 billion, a P/E ratio of -11.71 and a beta of 1.02.

Asana (NYSE:ASAN) last issued its quarterly earnings data on Thursday, May 28th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The firm had revenue of $205.10 million during the quarter, compared to the consensus estimate of $203.58 million. Asana had a negative net margin of 20.21% and a negative return on equity of 74.32%. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.05 EPS. Asana has set its FY 2027 guidance at 0.370-0.370 EPS and its Q2 2027 guidance at 0.080-0.090 EPS. As a group, equities research analysts expect that Asana, Inc. will post -0.53 earnings per share for the current year.

Insider Transactions at Asana

In other news, CAO Veronica Sosa sold 6,479 shares of the stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.65, for a total value of $43,085.35. Following the completion of the sale, the chief accounting officer directly owned 73,722 shares of the company’s stock, valued at $490,251.30. This represents a 8.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Katie Marie Colendich sold 7,304 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $7.42, for a total transaction of $54,195.68. Following the completion of the sale, the insider directly owned 108,214 shares of the company’s stock, valued at approximately $802,947.88. This trade represents a 6.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 70,226 shares of company stock valued at $472,065 over the last three months. Corporate insiders own 61.28% of the company’s stock.

Institutional Trading of Asana

Hedge funds and other institutional investors have recently modified their holdings of the company. FNY Investment Advisers LLC purchased a new stake in shares of Asana in the third quarter worth $27,000. Jones Financial Companies Lllp increased its stake in shares of Asana by 137.7% in the third quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company’s stock worth $34,000 after purchasing an additional 1,427 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Asana in the fourth quarter worth $50,000. Daiwa Securities Group Inc. boosted its position in shares of Asana by 64.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock worth $59,000 after acquiring an additional 1,706 shares during the last quarter. Finally, Optiver Holding B.V. boosted its position in shares of Asana by 2,008.8% during the first quarter. Optiver Holding B.V. now owns 5,251 shares of the company’s stock worth $34,000 after acquiring an additional 5,002 shares during the last quarter. 26.21% of the stock is owned by hedge funds and other institutional investors.

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.