Asana (NYSE:ASAN) Stock Price Down 4.5%

Asana, Inc. (NYSE:ASAN) shares dropped 4.5% during mid-day trading on Friday . The company traded as low as $11.97 and last traded at $11.98. Approximately 615,790 shares traded hands during trading, a decline of 70% from the average daily volume of 2,067,184 shares. The stock had previously closed at $12.54.

Wall Street Analyst Weigh In

ASAN has been the topic of several recent research reports. Citigroup dropped their price objective on shares of Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. JMP Securities cut their price target on Asana from $27.00 to $21.00 and set a “market outperform” rating on the stock in a research report on Wednesday, September 4th. Oppenheimer decreased their price objective on Asana from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th. Robert W. Baird dropped their target price on Asana from $20.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Finally, Royal Bank of Canada reissued an “underperform” rating and issued a $10.00 price target on shares of Asana in a report on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $14.67.

Asana Price Performance

The stock’s 50-day simple moving average is $13.38 and its two-hundred day simple moving average is $14.23. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of -10.16 and a beta of 1.16. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.14.

Asana (NYSE:ASAN) last released its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The firm had revenue of $179.21 million during the quarter, compared to the consensus estimate of $177.68 million. During the same quarter in the prior year, the firm earned ($0.31) EPS. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. Equities research analysts predict that Asana, Inc. will post -1.14 earnings per share for the current year.

Asana announced that its Board of Directors has approved a stock buyback program on Thursday, June 20th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to purchase up to 5.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at Asana

In other Asana news, insider Eleanor B. Lacey sold 4,999 shares of Asana stock in a transaction on Monday, June 24th. The shares were sold at an average price of $12.95, for a total transaction of $64,737.05. Following the sale, the insider now owns 384,150 shares of the company’s stock, valued at approximately $4,974,742.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Tim M. Wan sold 5,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $15.00, for a total transaction of $75,000.00. Following the completion of the sale, the chief financial officer now owns 1,063,909 shares of the company’s stock, valued at approximately $15,958,635. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Eleanor B. Lacey sold 4,999 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $12.95, for a total transaction of $64,737.05. Following the completion of the transaction, the insider now directly owns 384,150 shares in the company, valued at $4,974,742.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,999 shares of company stock valued at $289,737. 63.97% of the stock is owned by insiders.

Institutional Investors Weigh In On Asana

A number of large investors have recently made changes to their positions in ASAN. Headlands Technologies LLC increased its position in Asana by 327.9% during the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after purchasing an additional 2,220 shares during the last quarter. Edmond DE Rothschild Holding S.A. increased its holdings in shares of Asana by 26.2% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 3,225 shares of the company’s stock worth $61,000 after buying an additional 669 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new stake in shares of Asana during the 2nd quarter valued at approximately $65,000. Daiwa Securities Group Inc. lifted its holdings in Asana by 26.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after acquiring an additional 1,028 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in Asana by 139.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company’s stock valued at $93,000 after acquiring an additional 3,885 shares during the last quarter. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Asana Company Profile

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. Its platform helps organizations to orchestrate work from daily tasks to cross-functional strategic initiatives; manage work across a portfolio of projects or workflows, see progress against goals, identify bottlenecks, resource constraints, and milestones; and communicate company-wide goals, monitor status, and oversee work across projects and portfolios to gain real-time insights.