Asana (NYSE:ASAN) Announces Quarterly Earnings Results

Asana (NYSE:ASAN) announced its quarterly earnings data on Tuesday. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.03, Briefing.com reports. The firm had revenue of $179.21 million for the quarter, compared to analyst estimates of $177.68 million. Asana had a negative net margin of 38.55% and a negative return on equity of 77.48%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.31) earnings per share.

Asana Stock Down 5.5 %

ASAN opened at $13.28 on Wednesday. Asana has a fifty-two week low of $11.29 and a fifty-two week high of $23.44. The firm has a market capitalization of $3.03 billion, a P/E ratio of -11.35 and a beta of 1.16. The company’s 50-day moving average is $13.72 and its 200 day moving average is $14.73. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.71 and a quick ratio of 1.71.

Insider Buying and Selling

In other Asana news, CFO Tim M. Wan sold 5,000 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $15.00, for a total value of $75,000.00. Following the completion of the sale, the chief financial officer now owns 1,063,909 shares in the company, valued at approximately $15,958,635. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Tim M. Wan sold 28,856 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $330,112.64. Following the transaction, the chief financial officer now directly owns 1,050,284 shares of the company’s stock, valued at approximately $12,015,248.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Tim M. Wan sold 5,000 shares of the 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 transaction, the chief financial officer now owns 1,063,909 shares of the company’s stock, valued at approximately $15,958,635. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,443 shares of company stock worth $1,026,976. 63.97% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on ASAN shares. Jefferies Financial Group dropped their price target on Asana from $17.00 to $16.00 and set a “hold” rating on the stock in a research note on Friday, May 31st. UBS Group lowered their target price on Asana from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, May 24th. Piper Sandler reduced their price target on shares of Asana from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. KeyCorp lowered their price objective on shares of Asana from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Friday, May 31st. Finally, Morgan Stanley dropped their price objective on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.67.

About Asana

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.