Asana (NYSE:ASAN) Price Target Cut to $15.00

Asana (NYSE:ASAN) had its price objective reduced by equities researchers at Morgan Stanley from $19.00 to $15.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 8.23% from the company’s previous close.

Several other equities analysts also recently issued reports on the stock. Jefferies Financial Group decreased their price objective on shares of Asana from $17.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, May 31st. Piper Sandler decreased their price target on shares of Asana from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Oppenheimer cut their price objective on Asana from $28.00 to $23.00 and set an “outperform” rating for the company in a research note on Friday, May 31st. Citigroup decreased their target price on Asana from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Finally, UBS Group dropped their price target on Asana from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $17.67.

Asana Trading Up 2.1 %

Shares of Asana stock opened at $13.86 on Tuesday. The firm has a 50-day simple moving average of $13.41 and a two-hundred day simple moving average of $15.06. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.71 and a current ratio of 1.71. Asana has a fifty-two week low of $11.29 and a fifty-two week high of $23.44. The company has a market cap of $3.16 billion, a P/E ratio of -11.85 and a beta of 1.16.

Asana (NYSE:ASAN) last issued its quarterly earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. The company had revenue of $172.45 million for the quarter, compared to the consensus estimate of $168.53 million. As a group, equities analysts predict that Asana will post -1.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Tim M. Wan sold 5,000 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $15.00, for a total value of $75,000.00. Following the completion of the transaction, the chief financial officer now owns 1,063,909 shares in the company, valued at approximately $15,958,635. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Asana news, CFO Tim M. Wan sold 28,856 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $330,112.64. Following the completion of the sale, the chief financial officer now directly owns 1,050,284 shares of the company’s stock, valued at approximately $12,015,248.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Tim M. Wan sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $15.00, for a total value of $75,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,063,909 shares in the company, valued at approximately $15,958,635. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,443 shares of company stock worth $1,026,976. Company insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Several hedge funds and other institutional investors have recently made changes to their positions in ASAN. Beacon Pointe Advisors LLC boosted its position in Asana by 13.0% during the fourth quarter. Beacon Pointe Advisors LLC now owns 38,276 shares of the company’s stock worth $728,000 after purchasing an additional 4,401 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Asana by 6.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 696,277 shares of the company’s stock valued at $13,236,000 after acquiring an additional 43,564 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Asana during the 4th quarter valued at about $197,000. Bessemer Group Inc. raised its position in Asana by 27.9% during the first quarter. Bessemer Group Inc. now owns 53,345 shares of the company’s stock worth $827,000 after acquiring an additional 11,640 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Asana in the fourth quarter valued at about $260,000. Hedge funds and other institutional investors own 26.21% of the company’s stock.

Asana Company Profile

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. Its platform helps organizations to orchestrate work from daily tasks to cross-functional strategic initiatives; manage work across a portfolio of projects or workflows, see progress against goals, identify bottlenecks, resource constraints, and milestones; and communicate company-wide goals, monitor status, and oversee work across projects and portfolios to gain real-time insights.