Asana (NYSE:ASAN) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

by · The Markets Daily

Asana (NYSE:ASAN – Get Free Report) issued its earnings results on Thursday. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01, FiscalAI reports. The business had revenue of $216.43 million during the quarter, compared to analysts’ expectations of $214.15 million. Asana had a negative return on equity of 74.32% and a negative net margin of 20.21%.

Asana Price Performance

Shares of ASAN stock traded up $0.25 during trading hours on Thursday, hitting $10.05. 9,636,327 shares of the company’s stock were exchanged, compared to its average volume of 5,869,748. Asana has a 52 week low of $5.38 and a 52 week high of $15.71. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of -14.57 and a beta of 0.95. The stock’s 50-day moving average is $8.32 and its 200-day moving average is $7.34.

Insiders Place Their Bets

In related news, CAO Veronica Sosa sold 11,378 shares of Asana stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $6.66, for a total value of $75,777.48. Following the completion of the transaction, the chief accounting officer directly owned 62,344 shares of the company’s stock, valued at $415,211.04. The trade was a 15.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Katie Colendich sold 8,337 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $6.74, for a total transaction of $56,191.38. Following the transaction, the insider owned 181,840 shares in the company, valued at approximately $1,225,601.60. This trade represents a 4.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 119,959 shares of company stock valued at $809,325. 87.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Asana

A number of institutional investors have recently modified their holdings of ASAN. Aster Capital Management DIFC Ltd bought a new stake in shares of Asana during the fourth quarter valued at approximately $50,000. Daiwa Securities Group Inc. raised 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 worth $59,000 after purchasing an additional 1,706 shares during the last quarter. Headlands Technologies LLC bought a new position in Asana in the 2nd quarter worth approximately $90,000. Creative Planning acquired a new position in Asana during the 3rd quarter worth $141,000. Finally, Renaissance Technologies LLC acquired a new position in Asana during the 4th quarter worth $146,000. 26.21% of the stock is owned by institutional investors.

Analyst Ratings Changes

ASAN has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Asana in a report on Wednesday, August 5th. UBS Group reissued a “neutral” rating and set a $8.00 price target on shares of Asana in a report on Friday, May 29th. Zacks Research lowered shares of Asana from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Barclays cut shares of Asana to an “outperform” rating in a research note on Monday, August 24th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $15.00 price objective on shares of Asana in a report on Tuesday, July 7th. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.27.

Check Out Our Latest Report on Asana

Asana Company Profile

(Get Free Report)

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.

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