Asana (NYSE:ASAN) Shares Up 8.5% – Time to Buy?

Asana, Inc. (NYSE:ASAN)’s stock price shot up 8.5% during mid-day trading on Tuesday . The company traded as high as $6.88 and last traded at $6.8250. 2,586,413 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 5,802,678 shares. The stock had previously closed at $6.29.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ASAN. KeyCorp dropped their price target on shares of Asana from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, March 3rd. UBS Group dropped their price target on shares of Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Robert W. Baird dropped their price target on shares of Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Citigroup lowered their target price on shares of Asana from $16.00 to $13.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Finally, Jefferies Financial Group lowered their target price on shares of Asana from $15.00 to $8.00 and set a “hold” rating for the company in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Asana has a consensus rating of “Hold” and an average target price of $12.32.

Asana Stock Up 2.5%

The firm’s 50 day simple moving average is $6.79 and its two-hundred day simple moving average is $10.79. The stock has a market cap of $1.53 billion, a P/E ratio of -8.13 and a beta of 1.08.

Asana (NYSE:ASAN) last released its earnings results on Monday, March 2nd. The company reported $0.08 earnings per share 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 analyst estimates of $205.13 million. The business’s revenue was up 9.2% on a year-over-year basis. As a group, equities analysts predict that Asana, Inc. will post -0.53 EPS for the current year.

Insider Buying and Selling at Asana

In other Asana news, CAO Veronica Sosa sold 6,479 shares of the business’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.65, for a total transaction of $43,085.35. Following the completion of the sale, the chief accounting officer owned 73,722 shares in the company, valued at $490,251.30. The trade was a 8.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sonalee Elizabeth Parekh sold 18,717 shares of the business’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $6.62, for a total transaction of $123,906.54. Following the sale, the chief financial officer owned 915,281 shares of the company’s stock, valued at approximately $6,059,160.22. The trade was a 2.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 70,226 shares of company stock worth $472,065 over the last 90 days. Insiders own 61.28% of the company’s stock.

Hedge Funds Weigh In On Asana

Institutional investors have recently modified their holdings of the company. FNY Investment Advisers LLC bought a new position in shares of Asana during the third quarter worth about $27,000. Farther Finance Advisors LLC grew its position in shares of Asana by 119.7% during the third quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company’s stock worth $34,000 after acquiring an additional 1,391 shares during the last quarter. Jones Financial Companies Lllp grew its position in shares of Asana by 137.7% during the third quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company’s stock worth $34,000 after acquiring an additional 1,427 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Asana during the fourth quarter worth about $50,000. Finally, Daiwa Securities Group Inc. grew 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. Institutional investors 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.