Q2 2023 Earnings Forecast for Asana, Inc. Issued By DA Davidson (NYSE:ASAN)

Asana, Inc. (NYSE:ASANGet Rating) – DA Davidson issued their Q2 2023 earnings estimates for Asana in a report issued on Monday, June 6th. DA Davidson analyst R. Simmons forecasts that the company will post earnings of ($0.61) per share for the quarter. DA Davidson also issued estimates for Asana’s FY2023 earnings at ($2.18) EPS.

Asana (NYSE:ASANGet Rating) last issued its earnings results on Thursday, June 2nd. The company reported ($0.30) EPS for the quarter, beating 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 company had revenue of $120.65 million for the quarter, compared to the consensus estimate of $115.11 million. During the same quarter in the previous year, the company earned ($0.31) EPS. The firm’s revenue for the quarter was up 57.4% compared to the same quarter last year.

A number of other brokerages have also commented on ASAN. KeyCorp cut their price target on Asana from $97.00 to $61.00 and set an “overweight” rating on the stock in a research note on Thursday, March 10th. Zacks Investment Research cut Asana from a “buy” rating to a “hold” rating in a research report on Tuesday. Morgan Stanley dropped their price objective on Asana from $38.00 to $35.00 and set an “equal weight” rating on the stock in a report on Friday, June 3rd. Oppenheimer decreased their target price on Asana from $60.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, June 3rd. Finally, Royal Bank of Canada reduced their price objective on Asana from $60.00 to $38.00 and set a “sector perform” rating on the stock in a research report on Thursday, March 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $45.00.

Shares of ASAN opened at $22.68 on Wednesday. The company has a quick ratio of 1.61, a current ratio of 1.37 and a debt-to-equity ratio of 0.21. Asana has a twelve month low of $17.87 and a twelve month high of $145.79. The company has a 50 day moving average of $27.81 and a 200-day moving average of $50.06.

In related news, 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 value of $112,509.00. Following the completion of the sale, the insider now directly owns 165,076 shares of the company’s stock, valued at $4,457,052. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Eleanor B. Lacey sold 8,333 shares of the company’s stock in a transaction dated 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. Insiders sold a total of 18,026 shares of company stock worth $619,164 over the last three months. Corporate insiders own 54.43% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in ASAN. Walleye Capital LLC raised its stake in Asana by 244.6% during the first quarter. Walleye Capital LLC now owns 67,568 shares of the company’s stock worth $2,701,000 after purchasing an additional 47,958 shares during the period. Advisory Services Network LLC grew its holdings in Asana by 164.5% during the 1st quarter. Advisory Services Network LLC now owns 23,428 shares of the company’s stock worth $936,000 after acquiring an additional 14,572 shares in the last quarter. Worldquant Millennium Advisors LLC acquired a new position in Asana during the 1st quarter worth $7,367,000. Virtu Financial LLC lifted its position in shares of Asana by 11.9% in 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 last quarter. Finally, Advisors Asset Management Inc. lifted its position in shares of Asana by 47.0% in the 1st quarter. Advisors Asset Management Inc. now owns 2,715 shares of the company’s stock worth $109,000 after buying an additional 868 shares during the last quarter. Institutional investors and hedge funds own 92.50% of the company’s stock.

Asana Company Profile (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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