Asana (NYSE:ASAN – Get Rating) issued an update on its third quarter 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of -$0.33–$0.32 for the period, compared to the consensus earnings per share estimate of -$0.32. The company issued revenue guidance of $138.50 million-$139.50 million, compared to the consensus revenue estimate of $137.64 million. Asana also updated its FY 2023 guidance to EPS.
Asana Trading Up 0.8 %
NYSE ASAN opened at $19.04 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.37 and a current ratio of 1.37. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of -10.76 and a beta of 1.82. The company’s 50-day simple moving average is $20.50 and its two-hundred day simple moving average is $27.72. Asana has a one year low of $16.19 and a one year high of $145.79.
Asana (NYSE:ASAN – Get Rating) last posted its earnings results on Wednesday, September 7th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.05. The business had revenue of $134.90 million for the quarter, compared to the consensus estimate of $127.27 million. Asana had a negative net margin of 77.31% and a negative return on equity of 144.13%. The company’s revenue for the quarter was up 50.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.36) EPS. Equities analysts forecast that Asana will post -2.13 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
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A number of analysts have recently weighed in on ASAN shares. Morgan Stanley lowered their price target on shares of Asana from $38.00 to $35.00 and set an equal weight rating on the stock in a report on Friday, June 3rd. Royal Bank of Canada lifted their target price on shares of Asana from $13.00 to $15.00 and gave the stock an underperform rating in a research note on Thursday. JMP Securities decreased their price objective on shares of Asana from $63.00 to $43.00 and set a market outperform rating for the company in a research note on Friday, June 3rd. Robert W. Baird decreased their price objective on shares of Asana from $65.00 to $31.00 and set an outperform rating for the company in a research note on Friday, June 3rd. Finally, Oppenheimer decreased their price objective on shares of Asana to $30.00 and set an outperform rating for the company in a research note on Wednesday, July 27th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $35.18.
Insider Buying and Selling
In related news, CFO Tim M. Wan sold 3,203 shares of the business’s stock in a transaction on Wednesday, June 22nd. The shares were sold at an average price of $18.20, for a total value of $58,294.60. Following the completion of the sale, the chief financial officer now owns 609,276 shares of the company’s stock, valued at approximately $11,088,823.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 61.87% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp lifted its position in Asana by 6.5% in the first quarter. State Street Corp now owns 2,175,814 shares of the company’s stock valued at $86,967,000 after buying an additional 131,911 shares during the last quarter. Renaissance Technologies LLC increased its stake in Asana by 26.6% in the first quarter. Renaissance Technologies LLC now owns 1,577,500 shares of the company’s stock valued at $63,053,000 after purchasing an additional 331,400 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Asana by 66.0% in the second quarter. Millennium Management LLC now owns 1,127,630 shares of the company’s stock valued at $19,824,000 after acquiring an additional 448,379 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Asana by 5.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 811,943 shares of the company’s stock worth $32,454,000 after purchasing an additional 41,302 shares during the period. Finally, First Trust Advisors LP raised its position in Asana by 5.7% in the first quarter. First Trust Advisors LP now owns 621,555 shares of the company’s stock worth $24,844,000 after acquiring an additional 33,721 shares in the last quarter. Institutional investors and hedge funds own 28.22% of the company’s stock.
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. 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.
Further Reading
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