Royal Bank of Canada Reaffirms “Underperform” Rating for Asana (NYSE:ASAN)

Royal Bank of Canada reiterated their underperform rating on shares of Asana (NYSE:ASAN) in a research note published on Wednesday morning, Benzinga reports. They currently have a $10.00 target price on the stock.

Several other equities analysts also recently commented on the company. DA Davidson boosted their price objective on Asana from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday. Piper Sandler lowered their price target on Asana from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Oppenheimer cut their price objective on shares of Asana from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th. JPMorgan Chase & Co. lowered their target price on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, September 4th. Finally, UBS Group cut their target price on shares of Asana from $17.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $14.21.

Asana Price Performance

NYSE ASAN opened at $11.86 on Wednesday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14. Asana has a 12 month low of $11.05 and a 12 month high of $23.44. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of -10.13 and a beta of 1.14. The company’s 50 day moving average is $12.34 and its two-hundred day moving average is $13.41.

Asana (NYSE:ASAN) last announced its quarterly earnings data 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 net margin of 37.73% and a negative return on equity of 81.88%. The firm had revenue of $179.21 million during the quarter, compared to analysts’ expectations of $177.68 million. During the same period in the prior year, the company posted ($0.31) earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, research analysts anticipate that Asana will post -1.14 earnings per share for the current year.

Insider Activity at Asana

In other Asana news, insider Eleanor B. Lacey sold 9,308 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $111,602.92. Following the sale, the insider now directly owns 375,310 shares of the company’s stock, valued at $4,499,966.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Eleanor B. Lacey sold 4,977 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.79, for a total value of $58,678.83. Following the completion of the sale, the insider now owns 370,333 shares in the company, valued at approximately $4,366,226.07. 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. Also, insider Eleanor B. Lacey sold 9,308 shares of Asana stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $111,602.92. Following the transaction, the insider now directly owns 375,310 shares of the company’s stock, valued at approximately $4,499,966.90. 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 sold 44,092 shares of company stock valued at $527,668. Insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System grew its stake in shares of Asana by 3.6% during the second quarter. Arizona State Retirement System now owns 23,401 shares of the company’s stock valued at $327,000 after buying an additional 803 shares during the last quarter. Diversified Trust Co boosted its holdings in Asana by 2.6% during the 2nd quarter. Diversified Trust Co now owns 34,985 shares of the company’s stock valued at $489,000 after acquiring an additional 900 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Asana by 26.0% during the 2nd 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 period. ProShare Advisors LLC grew its position in Asana by 12.1% in the 1st quarter. ProShare Advisors LLC now owns 15,838 shares of the company’s stock valued at $245,000 after acquiring an additional 1,710 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Asana by 11.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,045 shares of the company’s stock worth $238,000 after purchasing an additional 1,769 shares during the period. 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.