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Asana Inc.'s ASAN, +2.19% stock dropped 6% in extended trading Tuesday after the software company reported quarterly results. Asana reported a fiscal-third-quarter net loss of $61.8 million, or 28 cents a share, compared with a net loss of $100.9 million, or 49 cents a share, in the same quarter a year ago.
Moskovitz keeps buying stock, but why?
Asana has shown resilient top-line growth and robust operating margin expansion despite a tough macro environment. The company has a net cash position and a modest cash burn profile. CEO Dustin Moskovitz has a large stake in the company and continues to aggressively buy stock.
On a modest recovery effort by Wall Street on Thursday, workflow software specialist Asana (NYSE: ASAN ) popped higher on Thursday. Catalyzing the swing northward was company co-founder and CEO Dustin Moskovitz.
ASANA (ASAN) transforms enterprise management with powerful AI, delivering clarity, impact, and scale for faster goal achievement.
Asana, a workflow and collaboration software vendor, remains undervalued despite a 40% year-to-date increase in stock price. CEO Dustin Moskovitz's continual insider purchases signal management's confidence in Asana's direction. Upside catalysts for Asana include the ongoing shift to remote and distributed teams, a massive global TAM, star leadership, and a high gross margin profile.
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Insider buying can be a buy signal, but is it for Asana?
U.S. Treasury Secretary Janet Yellen recently expressed optimism about the U.S. economy, stating that she sees no immediate signs of an impending downturn. Yellen acknowledged that while the labor market remained strong, it was gradually cooling off from its previous high levels.
Asana continues to disrupt work collaboration with its intuitive, mobile-optimized platform that drives team productivity. Revenue growth has decelerated but is still top tier in the SaaS space. Asana co-founder Dustin Moskovitz is personally injecting capital into the company, enabling the continuation of growth investments and providing a backstop.