Asana (NYSE:ASAN) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Asana (NYSE:ASAN) released its quarterly earnings results on Tuesday. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03, Briefing.com reports. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. The firm had revenue of $179.21 million for the quarter, compared to analyst estimates of $177.68 million. During the same period in the previous year, the company posted ($0.31) EPS. Asana’s revenue for the quarter was up 10.3% on a year-over-year basis.

Asana Price Performance

Shares of NYSE ASAN opened at $13.28 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.71 and a quick ratio of 1.71. The firm has a market capitalization of $3.03 billion, a PE ratio of -11.35 and a beta of 1.16. Asana has a 1-year low of $11.29 and a 1-year high of $23.44. The business’s fifty day moving average price is $13.72 and its two-hundred day moving average price is $14.73.

Insider Activity

In other Asana 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 transaction of $330,112.64. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Asana news, COO Anne Raimondi sold 26,588 shares of Asana stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $304,166.72. Following the sale, the chief operating officer now owns 790,894 shares of the company’s stock, valued at approximately $9,047,827.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Tim M. Wan sold 28,856 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $330,112.64. Following the transaction, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at approximately $12,015,248.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 84,443 shares of company stock valued at $1,026,976. 63.97% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ASAN has been the subject of a number of recent analyst reports. Jefferies Financial Group lowered their price target on shares of Asana from $17.00 to $16.00 and set a “hold” rating for the company in a report on Friday, May 31st. Bank of America cut their price target on Asana from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday. Oppenheimer dropped their price objective on Asana from $28.00 to $23.00 and set an “outperform” rating on the stock in a report on Friday, May 31st. UBS Group reduced their target price on Asana from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. Finally, KeyCorp dropped their price target on shares of Asana from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Friday, May 31st. Two analysts have rated the stock with a sell rating, eight have assigned 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 $16.46.

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.