Graham, who leads the Sun Devils with 18.1 points per game, flipped off ZonaZoo members as he was exiting the court during pre-game warmups. He later said he did so after hearing a member of the student section utter a racial slur.
"I (apologize) for my actions, there was racial slurs said, and I didn't react the right way as I should. My apologies to the ASU program," Graham wrote on Twitter. He deleted the tweet early Friday.
A senior guard, Graham transferred from Buffalo to ASU after Bobby Hurley, who was Graham's coach at Buffalo, decided to take the head coaching position at ASU before the 2015-16 season.
Arizona went on to beat ASU 91-75 for its 10th straight win despite 18 points off the bench from Graham.