Asana (NYSE:ASAN) Shares Gap Up After Better-Than-Expected Earnings

Asana, Inc. (NYSE:ASANGet Rating)’s stock price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $19.04, but opened at $23.64. Asana shares last traded at $23.19, with a volume of 159,744 shares traded.

The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.05. The firm had revenue of $134.90 million during the quarter, compared to analysts’ expectations of $127.27 million. Asana had a negative return on equity of 183.36% and a negative net margin of 79.34%. The company’s revenue was up 50.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.36) earnings per share.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ASAN. JMP Securities decreased their target price on Asana from $63.00 to $43.00 and set a “market outperform” rating for the company in a research report on Friday, June 3rd. Royal Bank of Canada increased their price objective on Asana from $13.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday. Citigroup increased their price objective on Asana from $23.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday. Oppenheimer reduced their price objective on Asana to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, July 27th. Finally, Wolfe Research increased their price objective on Asana from $22.00 to $23.75 and gave the company an “outperform” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Asana presently has a consensus rating of “Hold” and an average target price of $34.23.

Insider Activity at Asana

In related news, CEO Dustin A. Moskovitz acquired 19,273,127 shares of the company’s stock in a transaction on Wednesday, September 7th. The stock was purchased at an average cost of $18.16 per share, for a total transaction of $349,999,986.32. Following the completion of the purchase, the chief executive officer now directly owns 39,112,803 shares of the company’s stock, valued at approximately $710,288,502.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Asana news, CFO Tim M. Wan sold 3,203 shares of the stock in a transaction on Wednesday, June 22nd. The stock was sold at an average price of $18.20, for a total transaction of $58,294.60. Following the completion of the transaction, the chief financial officer now directly owns 609,276 shares in the company, valued at $11,088,823.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Dustin A. Moskovitz acquired 19,273,127 shares of the company’s stock in a transaction on Wednesday, September 7th. The shares were bought at an average price of $18.16 per share, with a total value of $349,999,986.32. Following the completion of the purchase, the chief executive officer now directly owns 39,112,803 shares of the company’s stock, valued at $710,288,502.48. The disclosure for this purchase can be found here. 61.87% of the stock is currently owned by corporate insiders.

Institutional Trading of Asana

Several large investors have recently made changes to their positions in the business. Verition Fund Management LLC bought a new stake in shares of Asana during the second quarter worth $484,000. Goldman Sachs Group Inc. grew its holdings in shares of Asana by 34.5% during the second quarter. Goldman Sachs Group Inc. now owns 593,465 shares of the company’s stock worth $10,433,000 after purchasing an additional 152,256 shares during the last quarter. Centiva Capital LP bought a new stake in shares of Asana during the second quarter worth $223,000. Kingsview Wealth Management LLC bought a new stake in shares of Asana during the second quarter worth $239,000. Finally, Worldquant Millennium Advisors LLC grew its holdings in shares of Asana by 76.5% during the second quarter. Worldquant Millennium Advisors LLC now owns 325,337 shares of the company’s stock worth $5,719,000 after purchasing an additional 141,019 shares during the last quarter. Institutional investors own 28.22% of the company’s stock.

Asana Stock Performance

The firm has a fifty day moving average of $20.63 and a 200-day moving average of $27.45. The firm has a market cap of $4.69 billion, a P/E ratio of -12.58 and a beta of 1.82. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.21.

About Asana

(Get Rating)

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. The company's platform enables teams to orchestrate work from daily tasks to cross-functional strategic initiatives; and manages product launches, marketing campaigns, and organization-wide goal settings.

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