Asana (NYSE:ASAN) Issues Q2 2023 Earnings Guidance

Asana (NYSE:ASAN – Get Rating) updated its second quarter 2023 earnings guidance on Thursday. The company provided EPS guidance of -$0.39–$0.38 for the period, compared to the consensus EPS estimate of -$0.32. The company issued revenue guidance of $127.00 million-$128.00 million, compared to the consensus revenue estimate of $125.31 million. Asana also updated its FY 2023 guidance to EPS.

Several brokerages have commented on ASAN. Piper Sandler lowered their target price on shares of Asana from $55.00 to $35.00 and set an overweight rating for the company in a research note on Friday, June 3rd. JPMorgan Chase & Co. cut shares of Asana from a neutral rating to an underweight rating and reduced their price target for the company from $66.00 to $32.00 in a report on Thursday, March 10th. They noted that the move was a valuation call. Oppenheimer reduced their price target on shares of Asana from $60.00 to $40.00 and set an outperform rating for the company in a report on Friday, June 3rd. Morgan Stanley reduced their price target on shares of Asana from $38.00 to $35.00 and set an equal weight rating for the company in a report on Friday, June 3rd. Finally, Robert W. Baird reduced their price target on shares of Asana from $65.00 to $31.00 and set an outperform rating for the company in a report on Friday, June 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $46.50.

Shares of ASAN opened at $18.21 on Thursday. Asana has a 12 month low of $16.20 and a 12 month high of $145.79. The firm has a fifty day simple moving average of $23.67 and a 200 day simple moving average of $44.30. The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of -10.29 and a beta of 1.95. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21.

Asana (NYSE:ASAN – Get Rating) last announced its earnings results on Thursday, June 2nd. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.06. Asana had a negative net margin of 77.31% and a negative return on equity of 144.13%. The business had revenue of $120.65 million during the quarter, compared to analysts’ expectations of $115.11 million. During the same quarter in the prior year, the company posted ($0.31) earnings per share. The firm’s revenue was up 57.4% on a year-over-year basis. As a group, research analysts predict that Asana will post -2.15 earnings per share for the current fiscal year.

In other Asana news, insider Eleanor B. Lacey sold 4,167 shares of the stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $27.00, for a total value of $112,509.00. Following the completion of the sale, the insider now owns 165,076 shares in the company, valued at $4,457,052. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Eleanor B. Lacey sold 8,333 shares of the stock in a transaction on Friday, April 1st. The shares were sold at an average price of $40.40, for a total transaction of $336,653.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,667 shares of company stock valued at $572,089. Corporate insiders own 54.43% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Advisory Services Network LLC lifted its stake in Asana by 164.5% in the first quarter. Advisory Services Network LLC now owns 23,428 shares of the company’s stock valued at $936,000 after acquiring an additional 14,572 shares during the last quarter. Baird Financial Group Inc. bought a new position in shares of Asana in the first quarter valued at about $897,000. Panagora Asset Management Inc. raised its position in shares of Asana by 170.0% in the first quarter. Panagora Asset Management Inc. now owns 14,596 shares of the company’s stock valued at $583,000 after purchasing an additional 9,191 shares during the period. AlphaCrest Capital Management LLC bought a new position in shares of Asana in the first quarter valued at about $441,000. Finally, Ontario Teachers Pension Plan Board bought a new position in shares of Asana in the first quarter valued at about $426,000. Hedge funds and other institutional investors own 92.50% of the company’s stock.

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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