Asana (NYSE:ASAN) Stock Falls 6.4% – Time to Sell?

Asana, Inc. (NYSE:ASAN) dropped 6.4% during mid-day trading on Tuesday. The stock traded as low as $8.09 and last traded at $8.0850. Approximately 3,868,327 shares were traded during mid-day trading, a decline of 38% from the average session volume of 6,189,369 shares. The stock had previously closed at $8.64.

Wall Street Analysts Forecast Growth

ASAN has been the subject of several research reports. Robert W. Baird raised their price objective on Asana from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, September 4th. DA Davidson upped their target price on Asana from $8.00 to $9.00 and gave the company a “neutral” rating in a report on Friday, September 4th. Zacks Research lowered Asana from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. BTIG Research reissued a “neutral” rating on shares of Asana in a research note on Friday, September 4th. Finally, Barclays downgraded Asana to an “outperform” rating in a report on Monday, August 24th. Four investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Asana has a consensus rating of “Hold” and a consensus price target of $9.95.

Asana Stock Performance

The firm’s 50 day simple moving average is $9.00 and its 200-day simple moving average is $7.57. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -12.14 and a beta of 0.95.

Asana (NYSE:ASAN) last issued its quarterly earnings results on Thursday, September 3rd. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $216.43 million for the quarter, compared to the consensus estimate of $214.15 million. Asana had a negative return on equity of 80.33% and a negative net margin of 18.62%.Asana’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.06 earnings per share. Asana has set its FY 2027 guidance at 0.370-0.370 EPS and its Q3 2027 guidance at 0.080-0.080 EPS. As a group, equities analysts anticipate that Asana, Inc. will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In other Asana news, CFO Aziz Megji sold 35,444 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $9.53, for a total value of $337,781.32. Following the transaction, the chief financial officer owned 729,945 shares in the company, valued at approximately $6,956,375.85. This represents a 4.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel Rogers sold 300,937 shares of the stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $9.53, for a total transaction of $2,867,929.61. Following the completion of the sale, the chief executive officer owned 1,624,894 shares of the company’s stock, valued at approximately $15,485,239.82. The trade was a 15.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 507,345 shares of company stock worth $4,776,869 in the last 90 days. Company insiders own 87.54% of the company’s stock.

Institutional Trading of Asana

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its position 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 valued at $14,318,000 after acquiring an additional 1,075,572 shares in the last quarter. Y Intercept Hong Kong Ltd grew its position in Asana by 250.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 532,796 shares of the company’s stock worth $3,410,000 after acquiring an additional 380,741 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Asana during the 1st quarter worth $1,016,000. Royal Bank of Canada increased its stake in shares of Asana by 2,925.2% during the 1st quarter. Royal Bank of Canada now owns 180,634 shares of the company’s stock worth $1,157,000 after purchasing an additional 174,663 shares during the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Asana by 108.3% during the 2nd quarter. Squarepoint Ops LLC now owns 888,160 shares of the company’s stock valued at $6,217,000 after purchasing an additional 461,858 shares in the last quarter. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

About Asana

Asana, Inc develops cloud-based work management software that helps organizations coordinate projects, tasks and team workflows. Its platform is designed to improve collaboration, planning and visibility across departments, enabling users to assign work, set deadlines, track progress and manage priorities in one system.

Asana’s products and features include project and task management, workflow automation, project portfolios, goals and reporting tools, team collaboration capabilities, and integrations with other business applications.