Asana (NYSE:ASAN) Price Target Cut to $16.00 by Analysts at Bank of America

Asana (NYSE:ASAN) had its price objective reduced by Bank of America from $18.00 to $16.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. UBS Group cut their price target on Asana from $20.00 to $17.00 and set a neutral rating for the company in a research note on Friday, May 24th. JMP Securities restated a market outperform rating and set a $27.00 price objective on shares of Asana in a research report on Monday, July 15th. Citigroup lowered their target price on shares of Asana from $17.00 to $15.00 and set a neutral rating on the stock in a report on Wednesday, June 26th. Oppenheimer cut their price target on shares of Asana from $28.00 to $23.00 and set an outperform rating for the company in a report on Friday, May 31st. Finally, Jefferies Financial Group reduced their price objective on shares of Asana from $17.00 to $16.00 and set a hold rating for the company in a research report on Friday, May 31st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $14.67.

Asana Trading Down 6.4 %

Shares of Asana stock opened at $11.78 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.71 and a current ratio of 1.71. The company has a market capitalization of $2.69 billion, a P/E ratio of -10.07 and a beta of 1.16. Asana has a 1 year low of $11.29 and a 1 year high of $23.44. The company’s fifty day moving average is $13.64 and its two-hundred day moving average is $14.65.

Asana (NYSE:ASAN) last released its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The firm had revenue of $179.21 million for the quarter, compared to analyst estimates of $177.68 million. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. The business’s revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.31) earnings per share. Analysts forecast that Asana will post -1.05 earnings per share for the current year.

Insider Transactions at Asana

In related news, COO Anne Raimondi sold 26,588 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $304,166.72. Following the completion of the transaction, the chief operating officer now directly owns 790,894 shares of the company’s stock, valued at approximately $9,047,827.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Asana news, CFO Tim M. Wan sold 28,856 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $330,112.64. Following the sale, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at $12,015,248.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Anne Raimondi sold 26,588 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total transaction of $304,166.72. Following the completion of the sale, the chief operating officer now owns 790,894 shares in the company, valued at $9,047,827.36. The disclosure for this sale can be found here. Insiders have sold 84,443 shares of company stock valued at $1,026,976 in the last quarter. 63.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Asana

A number of institutional investors and hedge funds have recently bought and sold shares of ASAN. Headlands Technologies LLC raised its holdings in shares of Asana by 327.9% in the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after acquiring an additional 2,220 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in Asana by 26.2% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 3,225 shares of the company’s stock valued at $61,000 after purchasing an additional 669 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new stake in shares of Asana during the 2nd quarter worth about $65,000. Daiwa Securities Group Inc. grew its holdings in shares of Asana by 26.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock worth $70,000 after buying an additional 1,028 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its position in shares of Asana by 139.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company’s stock valued at $93,000 after buying an additional 3,885 shares during the last quarter. 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.