Asana (NYSE:ASAN) Issues Q2 2023 Earnings Guidance

Asana (NYSE:ASANGet Rating) issued an update on its second quarter 2023 earnings guidance on Thursday morning. 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.

ASAN traded up $2.12 on Thursday, hitting $20.33. 139,941 shares of the company were exchanged, compared to its average volume of 4,116,945. 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 business’s fifty day moving average is $23.67 and its 200 day moving average is $44.30. Asana has a fifty-two week low of $16.20 and a fifty-two week high of $145.79. The firm has a market capitalization of $3.87 billion, a P/E ratio of -11.24 and a beta of 1.95.

Asana (NYSE:ASANGet Rating) last issued its quarterly earnings data on Thursday, June 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.06. The firm had revenue of $120.65 million during the quarter, compared to the consensus estimate of $115.11 million. Asana had a negative return on equity of 144.13% and a negative net margin of 77.31%. The company’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.31) EPS. Analysts forecast that Asana will post -2.15 EPS for the current fiscal year.

Several equities analysts recently commented on the company. JPMorgan Chase & Co. lowered Asana from a neutral rating to an underweight rating and dropped their target price for the company from $66.00 to $32.00 in a research note on Thursday, March 10th. They noted that the move was a valuation call. Jefferies Financial Group lowered their price target on Asana from $40.00 to $23.00 in a research report on Monday, May 23rd. Royal Bank of Canada lowered their price target on Asana from $60.00 to $38.00 and set a sector perform rating for the company in a research report on Thursday, March 10th. Piper Sandler lowered their price target on Asana from $55.00 to $35.00 and set an overweight rating for the company in a research report on Friday, June 3rd. Finally, Oppenheimer lowered their price target on Asana from $60.00 to $40.00 and set an outperform rating for the company in a research report on Friday, June 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $46.50.

In other news, insider Eleanor B. Lacey sold 8,333 shares of the business’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eleanor B. Lacey sold 4,167 shares of the business’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $27.00, for a total transaction of $112,509.00. Following the transaction, the insider now directly owns 165,076 shares of the company’s stock, valued at approximately $4,457,052. The disclosure for this sale can be found here. Insiders have sold 16,667 shares of company stock worth $572,089 in the last 90 days. 54.43% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of ASAN. Advisors Asset Management Inc. lifted its holdings in Asana by 47.0% in the 1st quarter. Advisors Asset Management Inc. now owns 2,715 shares of the company’s stock valued at $109,000 after acquiring an additional 868 shares during the last quarter. Cibc World Market Inc. acquired a new stake in Asana in the 1st quarter valued at about $231,000. Point72 Hong Kong Ltd lifted its holdings in Asana by 29,355.0% in the 1st quarter. Point72 Hong Kong Ltd now owns 5,891 shares of the company’s stock valued at $235,000 after acquiring an additional 5,871 shares during the last quarter. Virtu Financial LLC raised its holdings in Asana by 11.9% during the 1st quarter. Virtu Financial LLC now owns 6,195 shares of the company’s stock worth $248,000 after buying an additional 658 shares during the period. Finally, Brighton Jones LLC raised its holdings in Asana by 45.4% during the 1st quarter. Brighton Jones LLC now owns 6,361 shares of the company’s stock worth $254,000 after buying an additional 1,986 shares during the period. 92.50% of the stock is owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Asana (NYSE:ASAN)

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