Asana (NYSE:ASAN) Posts Earnings Results, Misses Estimates By $0.21 EPS

Asana (NYSE:ASAN) announced its quarterly earnings results on Monday. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.21), Zacks reports. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%. The company had revenue of $188.30 million during the quarter, compared to analysts’ expectations of $188.13 million. During the same quarter last year, the firm posted ($0.04) earnings per share. Asana’s revenue for the quarter was up 10.1% compared to the same quarter last year.

Asana Trading Down 8.5 %

Shares of NYSE:ASAN traded down $1.56 on Monday, hitting $16.69. The company had a trading volume of 7,612,656 shares, compared to its average volume of 2,497,906. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. Asana has a 1 year low of $11.05 and a 1 year high of $27.77. The firm’s 50-day simple moving average is $20.63 and its two-hundred day simple moving average is $16.85. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of -14.90 and a beta of 1.13.

Wall Street Analysts Forecast Growth

ASAN has been the subject of several analyst reports. DA Davidson raised their target price on Asana from $13.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. JMP Securities raised their price objective on shares of Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a research report on Friday, December 6th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $10.00 target price on shares of Asana in a report on Friday, December 6th. Morgan Stanley raised their price target on shares of Asana from $14.00 to $18.00 and gave the company an “equal weight” rating in a report on Friday, December 6th. Finally, Citigroup upped their price target on shares of Asana from $16.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $17.73.

Insider Buying and Selling at Asana

In other news, Director Justin Rosenstein sold 200,000 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $21.67, for a total transaction of $4,334,000.00. Following the completion of the transaction, the director now directly owns 1,847,309 shares in the company, valued at $40,031,186.03. This trade represents a 9.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Anne Raimondi sold 27,233 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $21.71, for a total transaction of $591,228.43. Following the completion of the transaction, the chief operating officer now owns 733,855 shares in the company, valued at approximately $15,931,992.05. The trade was a 3.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 723,300 shares of company stock valued at $15,161,068. 63.97% of the stock is currently owned by corporate insiders.

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.