Asana (NYSE:ASAN) Releases Q2 2023 Earnings Guidance

Asana (NYSE:ASANGet Rating) issued an update on its second quarter 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of -$0.39–$0.38 for the period, compared to the consensus 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.

NYSE ASAN opened at $18.76 on Thursday. The stock has a market capitalization of $3.57 billion, a PE ratio of -10.60 and a beta of 1.95. The business has a 50 day simple moving average of $25.43 and a two-hundred day simple moving average of $46.89. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. Asana has a 1-year low of $17.34 and a 1-year high of $145.79.

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

A number of brokerages recently issued reports on ASAN. Morgan Stanley decreased their price target on Asana from $38.00 to $35.00 and set an equal weight rating for the company in a research note on Friday, June 3rd. KeyCorp decreased their price target on Asana from $97.00 to $61.00 and set an overweight rating for the company in a research note on Thursday, March 10th. Jefferies Financial Group decreased their price target on Asana from $40.00 to $23.00 in a research note on Monday, May 23rd. Royal Bank of Canada decreased their target price 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. Finally, Oppenheimer cut their price target on Asana from $60.00 to $40.00 and set an outperform rating on the stock in a report on Friday, June 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Buy and an average price target of $46.50.

In other Asana news, insider Eleanor B. Lacey sold 8,333 shares of the business’s stock in a transaction that occurred on Friday, April 1st. The stock was sold at an average price of $40.40, for a total transaction of $336,653.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eleanor B. Lacey sold 4,167 shares of the business’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $29.50, for a total value of $122,926.50. Following the sale, the insider now owns 165,076 shares of the company’s stock, valued at $4,869,742. The disclosure for this sale can be found here. Insiders sold a total of 16,667 shares of company stock valued at $572,089 in the last ninety days. 54.43% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in ASAN. Evercore Wealth Management LLC acquired a new stake in shares of Asana in the first quarter valued at $320,000. Pearl River Capital LLC acquired a new stake in shares of Asana in the first quarter valued at $310,000. Thrivent Financial for Lutherans acquired a new stake in shares of Asana in the fourth quarter valued at $310,000. JustInvest LLC raised its stake in shares of Asana by 27.2% in the fourth quarter. JustInvest LLC now owns 3,526 shares of the company’s stock valued at $263,000 after acquiring an additional 755 shares in the last quarter. Finally, Brighton Jones LLC raised its stake in shares of Asana by 45.4% in the first quarter. Brighton Jones LLC now owns 6,361 shares of the company’s stock valued at $254,000 after acquiring an additional 1,986 shares in the last quarter. 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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Earnings History and Estimates for Asana (NYSE:ASAN)

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