Asana (NYSE:ASAN) Price Target Cut to $20.00

Asana (NYSE:ASAN) had its price target reduced by Oppenheimer from $23.00 to $20.00 in a research note released on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

ASAN has been the topic of several other reports. UBS Group dropped their price target on shares of Asana from $17.00 to $13.00 and set a neutral rating on the stock in a research note on Wednesday. Bank of America dropped their target price on shares of Asana from $18.00 to $16.00 and set a buy rating on the stock in a research report on Wednesday. Robert W. Baird reduced their price target on shares of Asana from $20.00 to $13.00 and set a neutral rating for the company in a research report on Wednesday. Royal Bank of Canada reaffirmed an underperform rating and set a $10.00 price objective on shares of Asana in a report on Wednesday. Finally, Citigroup reduced their target price on Asana from $17.00 to $15.00 and set a neutral rating for the company in a report on Wednesday, June 26th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $14.80.

Asana Price Performance

Shares of ASAN opened at $12.60 on Wednesday. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of -10.77 and a beta of 1.16. The firm’s fifty day simple moving average is $13.71 and its 200-day simple moving average is $14.71. Asana has a twelve month low of $11.29 and a twelve month high of $23.44. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.13.

Asana (NYSE:ASAN) last announced 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. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. The company had revenue of $179.21 million during the quarter, compared to the consensus estimate of $177.68 million. During the same period in the previous year, the business earned ($0.31) EPS. Asana’s revenue for the quarter was up 10.3% on a year-over-year basis. Equities analysts forecast that Asana will post -1.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Asana news, COO Anne Raimondi sold 26,588 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $304,166.72. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Eleanor B. Lacey sold 4,999 shares of Asana stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $12.95, for a total value of $64,737.05. Following the sale, the insider now directly owns 384,150 shares in the company, valued at $4,974,742.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Anne Raimondi sold 26,588 shares of the stock in a transaction 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 owns 790,894 shares of the company’s stock, valued at approximately $9,047,827.36. The disclosure for this sale can be found here. Insiders sold a total of 84,443 shares of company stock valued at $1,026,976 over the last three months. 63.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Asana

A number of large investors have recently made changes to their positions in ASAN. Gilder Gagnon Howe & Co. LLC acquired a new position in Asana during the fourth quarter worth about $25,246,000. Point72 Asset Management L.P. purchased a new stake in shares of Asana during the 2nd quarter worth approximately $17,100,000. Champlain Investment Partners LLC grew its holdings in shares of Asana by 26.9% in the 1st quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock worth $62,456,000 after acquiring an additional 854,355 shares during the period. Vanguard Group Inc. increased its stake in Asana by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock valued at $144,462,000 after purchasing an additional 490,823 shares in the last quarter. Finally, Norges Bank acquired a new position in Asana during the fourth quarter worth $7,500,000. Hedge funds and other institutional investors own 26.21% of the company’s stock.

About Asana

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.