Oppenheimer Issues Positive Forecast for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its target price hoisted by analysts at Oppenheimer from $20.00 to $22.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target points to a potential downside of 0.86% from the company’s current price.

Other research analysts also recently issued reports about the company. DA Davidson upped their price target on Asana from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Piper Sandler upped their target price on shares of Asana from $12.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday. Citigroup reduced their price target on shares of Asana from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Royal Bank of Canada restated an “underperform” rating and set a $10.00 price objective on shares of Asana in a research report on Friday. Finally, Robert W. Baird lifted their target price on shares of Asana from $13.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.53.

Asana Stock Performance

ASAN stock opened at $22.19 on Friday. The stock’s 50 day simple moving average is $13.37 and its 200 day simple moving average is $13.30. 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 $22.54. The stock has a market capitalization of $5.06 billion, a PE ratio of -19.81 and a beta of 1.22.

Insiders Place Their Bets

In other Asana news, insider Eleanor B. Lacey sold 9,308 shares of Asana stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total transaction of $111,602.92. Following the transaction, the insider now owns 375,310 shares of the company’s stock, valued at $4,499,966.90. The trade was a 2.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Anne Raimondi sold 29,807 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $357,385.93. Following the completion of the sale, the chief operating officer now directly owns 761,088 shares of the company’s stock, valued at approximately $9,125,445.12. This trade represents a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,092 shares of company stock worth $527,668 over the last quarter. 63.97% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ASAN. Geode Capital Management LLC increased its stake in Asana by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock worth $21,605,000 after buying an additional 12,055 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Asana in the second quarter worth about $17,100,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Asana during the second quarter worth about $5,169,000. Holocene Advisors LP raised its stake in Asana by 62.2% during the 3rd quarter. Holocene Advisors LP now owns 305,167 shares of the company’s stock valued at $3,537,000 after purchasing an additional 116,998 shares during the period. Finally, Marshall Wace LLP bought a new stake in Asana during the 2nd quarter valued at approximately $3,159,000. 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.