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

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

Asana Price Performance

Shares of ASAN traded down $1.56 during mid-day trading on Monday, hitting $16.69. 7,920,284 shares of the company traded hands, compared to its average volume of 2,498,406. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of -14.90 and a beta of 1.13. The business has a 50-day moving average of $20.63 and a 200 day moving average of $16.85. Asana has a one year low of $11.05 and a one year high of $27.77.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ASAN. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price objective on shares of Asana in a research note on Thursday, February 6th. Royal Bank of Canada reiterated an “underperform” rating and issued a $10.00 price target on shares of Asana in a research report on Friday, December 6th. Jefferies Financial Group increased their price objective on Asana from $16.00 to $19.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Morgan Stanley boosted their target price on shares of Asana from $14.00 to $18.00 and gave the company an “equal weight” rating in a research note on Friday, December 6th. Finally, Oppenheimer increased their target price on shares of Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Asana presently has an average rating of “Hold” and a consensus target price of $17.73.

Insider Buying and Selling

In related news, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the completion of the sale, the chief operating officer now directly owns 733,855 shares of the company’s stock, valued at $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Justin Rosenstein sold 150,000 shares of the stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $20.01, for a total transaction of $3,001,500.00. Following the completion of the transaction, the director now owns 2,047,309 shares in the company, valued at $40,966,653.09. This represents a 6.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 723,300 shares of company stock worth $15,161,068 in the last quarter. Insiders own 63.97% 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. 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.