DA Davidson Increases Asana (NYSE:ASAN) Price Target to $13.00

Asana (NYSE:ASAN) had its price objective boosted by investment analysts at DA Davidson from $11.00 to $13.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson’s price target would suggest a potential upside of 8.83% from the stock’s previous close.

Several other research analysts have also recently issued reports on the stock. Citigroup dropped their target price on shares of Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Robert W. Baird decreased their price objective on shares of Asana from $20.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Morgan Stanley reduced their price target on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 20th. Oppenheimer reduced their price target on shares of Asana from $23.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, September 4th. Finally, JMP Securities reduced their price target on shares of Asana from $27.00 to $21.00 and set a “market outperform” rating for the company in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $14.21.

Asana Trading Up 1.6 %

Shares of ASAN opened at $11.95 on Wednesday. The company’s fifty day simple moving average is $12.39 and its 200-day simple moving average is $13.44. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14. The company has a market cap of $2.72 billion, a P/E ratio of -10.21 and a beta of 1.14. Asana has a twelve month low of $11.05 and a twelve month high of $23.44.

Asana (NYSE:ASAN) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) 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 analysts’ expectations of $177.68 million. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.31) earnings per share. As a group, analysts expect that Asana will post -1.14 EPS for the current year.

Insider Activity at Asana

In related news, insider Eleanor B. Lacey sold 9,308 shares of Asana stock in a transaction on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $111,602.92. Following the sale, the insider now owns 375,310 shares of the company’s stock, valued at approximately $4,499,966.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Asana news, insider Eleanor B. Lacey sold 9,308 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $111,602.92. Following the completion of the sale, the insider now owns 375,310 shares in the company, valued at approximately $4,499,966.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eleanor B. Lacey sold 4,977 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.79, for a total value of $58,678.83. Following the transaction, the insider now owns 370,333 shares in the company, valued at approximately $4,366,226.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,092 shares of company stock valued at $527,668. 63.97% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC raised its stake in Asana by 327.9% during the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after purchasing an additional 2,220 shares during the period. Redwood Wealth Management Group LLC purchased a new stake in shares of Asana during the 2nd quarter valued at approximately $65,000. Daiwa Securities Group Inc. lifted its holdings in Asana by 26.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after acquiring an additional 1,028 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its position in Asana by 139.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company’s stock worth $93,000 after acquiring an additional 3,885 shares during the period. Finally, Scientech Research LLC acquired a new stake in Asana during the second quarter worth $146,000. 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.