Asana (NYSE:ASAN) Trading Up 7.4% – Should You Buy?

Asana, Inc. (NYSE:ASAN)’s stock price was up 7.4% during trading on Wednesday . The company traded as high as $5.93 and last traded at $5.8950. Approximately 1,343,217 shares traded hands during trading, a decline of 76% from the average daily volume of 5,623,257 shares. The stock had previously closed at $5.49.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ASAN shares. Citigroup reduced their price objective on shares of Asana from $16.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. KeyCorp reduced their price objective on shares of Asana from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, March 3rd. Morgan Stanley cut their price target on shares of Asana from $14.00 to $8.00 and set an “underweight” rating for the company in a report on Tuesday, March 3rd. Jefferies Financial Group cut their price target on shares of Asana from $15.00 to $8.00 and set a “hold” rating for the company in a report on Monday, February 23rd. Finally, Royal Bank Of Canada raised shares of Asana from an “underperform” rating to a “sector perform” rating and set a $7.00 price target for the company in a report on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $12.32.

Asana Trading Down 3.5%

The stock has a market capitalization of $1.40 billion, a P/E ratio of -7.33 and a beta of 1.08. The firm’s fifty day moving average is $6.88 and its 200-day moving average is $10.93.

Asana (NYSE:ASAN) last announced its quarterly earnings results on Monday, March 2nd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. The firm had revenue of $205.57 million during the quarter, compared to the consensus estimate of $205.13 million. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. Equities research analysts expect that Asana, Inc. will post -1.09 EPS for the current year.

Insider Buying and Selling at Asana

In other Asana news, CAO Veronica Sosa sold 6,479 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 value of $43,085.35. Following the completion of the sale, the chief accounting officer owned 73,722 shares in the company, valued at approximately $490,251.30. This trade represents a 8.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 18,717 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $6.62, for a total transaction of $123,906.54. Following the completion of the sale, the chief financial officer owned 915,281 shares of the company’s stock, valued at $6,059,160.22. The trade was a 2.00% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 70,226 shares of company stock worth $472,065. 61.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Asana

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC acquired a new stake in Asana in the 3rd quarter valued at about $27,000. Jones Financial Companies Lllp increased its position in Asana by 137.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company’s stock valued at $34,000 after acquiring an additional 1,427 shares in the last quarter. Farther Finance Advisors LLC increased its position in Asana by 119.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company’s stock valued at $34,000 after acquiring an additional 1,391 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Asana in the 4th quarter valued at about $50,000. Finally, Daiwa Securities Group Inc. increased its position in Asana by 64.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock valued at $59,000 after acquiring an additional 1,706 shares in the last quarter. Institutional investors and hedge funds own 26.21% of the company’s stock.

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.