Asana (NYSE:ASAN) Stock Price Down 5.7% – Should You Sell?

Shares of Asana, Inc. (NYSE:ASAN) were down 5.7% during trading on Tuesday . The stock traded as low as $7.31 and last traded at $7.4520. Approximately 995,670 shares were traded during trading, a decline of 82% from the average daily volume of 5,423,431 shares. The stock had previously closed at $7.90.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. HSBC set a $8.00 target price on Asana in a research note on Friday, February 13th. Robert W. Baird decreased their price target on Asana from $16.00 to $9.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 3rd. BTIG Research started coverage on Asana in a report on Tuesday, December 16th. They issued a “neutral” rating on the stock. Wall Street Zen raised Asana from a “hold” rating to a “buy” rating in a research report on Sunday, January 11th. Finally, Royal Bank Of Canada cut their price target on shares of Asana from $11.00 to $7.00 and set an “underperform” rating on the stock in a research note 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 stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $12.46.

Asana Price Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.40 and a current ratio of 1.40. The company has a market capitalization of $1.75 billion, a PE ratio of -9.24 and a beta of 1.01. The company’s 50-day simple moving average is $9.82 and its 200-day simple moving average is $12.41.

Asana (NYSE:ASAN) last announced its earnings results on Monday, March 2nd. The company reported $0.08 earnings per share for the quarter, topping 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 71.50%. The business had revenue of $205.57 million during the quarter, compared to the consensus estimate of $205.13 million. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Asana, Inc. will post -1.09 earnings per share for the current year.

Insider Activity at Asana

In related news, COO Anne Raimondi sold 76,093 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $14.47, for a total transaction of $1,101,065.71. Following the completion of the sale, the chief operating officer directly owned 764,178 shares of the company’s stock, valued at $11,057,655.66. This trade represents a 9.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Sonalee Elizabeth Parekh sold 83,656 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $14.31, for a total transaction of $1,197,117.36. Following the transaction, the chief financial officer owned 993,037 shares of the company’s stock, valued at approximately $14,210,359.47. The trade was a 7.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 269,000 shares of company stock worth $3,847,063 over the last quarter. Company insiders own 61.28% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Asana by 5.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,546 shares of the company’s stock worth $707,000 after purchasing an additional 2,328 shares during the period. Empowered Funds LLC boosted its stake in shares of Asana by 40.9% in the first quarter. Empowered Funds LLC now owns 25,441 shares of the company’s stock valued at $371,000 after buying an additional 7,381 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Asana by 14.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,733 shares of the company’s stock worth $3,770,000 after acquiring an additional 32,708 shares during the period. Fox Run Management L.L.C. acquired a new position in Asana during the second quarter worth $475,000. Finally, Campbell & CO Investment Adviser LLC purchased a new position in Asana in the second quarter worth $1,026,000. 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.