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In recent transactions reported to the Securities and Exchange Commission, Justin Rosenstein, a director and significant shareholder of Asana, Inc. (NYSE:ASAN), sold a substantial portion of the company’s Class A Common Stock. On February 24, Rosenstein sold a total of 150,000 shares, amounting to approximately $2.96 million. The shares were sold at a weighted average price range between $19.74 and $20.37 per share. The sale comes amid a challenging week for Asana’s stock, which has declined nearly 15% according to InvestingPro data, though the company maintains impressive gross profit margins of 89%.
The sales were conducted under a pre-established Rule 10b5-1 trading plan, which Rosenstein adopted in September 2024. Following these transactions, Rosenstein’s direct ownership in Asana stands at 1,097,309 shares. Despite recent volatility, InvestingPro analysis suggests the stock is currently trading below its Fair Value, with 8 additional key insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, Asana reported third-quarter earnings that exceeded revenue expectations, with $183.9 million in revenue, a 10% increase year-over-year. This performance surpassed the $180.7 million estimate and was accompanied by a narrower loss per share of 25 cents, compared to 28 cents last year. Looking forward, Asana forecasts fourth-quarter revenue between $187.5 million and $188.5 million, slightly above the Bloomberg consensus estimate of $187.9 million. Analysts have responded with various adjustments to their price targets. Piper Sandler maintained an Overweight rating with a $27.00 target, emphasizing Asana’s cost discipline and AI initiatives, while BofA Securities raised its target to $30.00, citing improving fundamentals. DA Davidson increased its target to $20.00, maintaining a Neutral rating, reflecting cautious optimism about Asana’s recent performance. JMP Securities and Citi also raised their targets, highlighting Asana’s better-than-expected financial results and operational improvements. Asana’s CFO, Sonalee Parekh, has been recognized for her expertise in driving financial efficiency, which is expected to support the company’s growth strategy.
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