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Investing.com - Asana (NYSE:ASAN) founder and CEO Dustin Moskovitz purchased approximately 449,000 shares of company stock at $14.32 per share, totaling about $6.4 million, according to a Form 4 filing on July 9. The purchase comes as InvestingPro data shows the company maintaining impressive gross profit margins of 89% while growing revenue at nearly 10% year-over-year.
The significant stock purchase comes ahead of the planned leadership transition on July 21, when Dan Rogers will assume the CEO role at the work management platform company.
JMP Securities reiterated its Market Outperform rating on Asana shares with a $22.00 price target following the disclosure of Moskovitz’s stock purchase.
The investment comes after Asana stock has fallen 30% year to date, underperforming compared to the Russell 3000 index, which has increased 6% during the same period.
JMP analyst Patrick Walravens maintained the firm’s positive outlook on the company despite the stock’s underperformance in 2024 and the upcoming executive leadership change.
In other recent news, Asana reported a 9% year-over-year increase in revenue for the fiscal first quarter, surpassing consensus expectations by 1%. Despite this positive revenue growth, adjusted billings grew by 5% year-over-year but fell 2% below consensus estimates. UBS has raised its price target for Asana to $18, maintaining a Neutral rating, while FBN Securities increased its target to $18 from $17, citing strong margin expansion as a key factor. Meanwhile, Piper Sandler maintained an Overweight rating with a $19 price target following the appointment of Dan Rogers as the new CEO, viewing this leadership change as a potentially positive shift for Asana. Rogers, who joins from LaunchDarkly, will succeed co-founder Dustin Moskovitz, who will transition to Board Chair. Moskovitz will remain involved with Asana’s product vision and AI initiatives. The company has reiterated its revenue growth guidance at the high end of 9% year-over-year but has lowered the low end from 8% to 7%, reflecting potential demand risks. UBS noted that Asana’s valuation stands at six times the estimated calendar year 2025 enterprise value to sales ratio, which, along with a deceleration in revenue growth, supports their continued Neutral rating.
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