Piper Sandler Reiterates Overweight Rating for Asana (NYSE:ASAN)

Asana (NYSE:ASAN)‘s stock had its “overweight” rating restated by Piper Sandler in a note issued to investors on Thursday,Benzinga reports. They presently have a $27.00 target price on the stock. Piper Sandler’s target price would indicate a potential upside of 24.09% from the stock’s current price.

Several other brokerages have also recently weighed in on ASAN. Citigroup upped their price target on shares of Asana from $16.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Scotiabank upped their target price on Asana from $15.00 to $18.00 and gave the stock a “sector perform” rating in a report on Friday, December 6th. DA Davidson upped their price objective on Asana from $13.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Morgan Stanley upped their price objective on Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Friday, December 6th. Finally, Oppenheimer increased their price objective on Asana from $20.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.73.

Asana Price Performance

Asana stock opened at $21.76 on Thursday. Asana has a 52-week low of $11.05 and a 52-week high of $27.77. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The firm’s fifty day moving average is $20.87 and its 200 day moving average is $15.74. The company has a market cap of $4.98 billion, a price-to-earnings ratio of -19.43 and a beta of 1.11.

Insider Transactions at Asana

In related news, Director Justin Rosenstein sold 150,000 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $20.01, for a total transaction of $3,001,500.00. Following the completion of the transaction, the director now directly owns 2,047,309 shares in the company, valued at $40,966,653.09. This trade represents a 6.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $21.71, for a total transaction of $591,228.43. Following the sale, the chief operating officer now owns 733,855 shares in the company, valued at $15,931,992.05. This trade represents a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 573,300 shares of company stock worth $12,197,068 in the last ninety days. Insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

A number of institutional investors have recently modified their holdings of ASAN. Geode Capital Management LLC increased its position in Asana by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock worth $21,605,000 after purchasing an additional 12,055 shares during the period. Paradice Investment Management LLC purchased a new stake in shares of Asana in the fourth quarter valued at about $22,507,000. JPMorgan Chase & Co. grew its position in shares of Asana by 105.6% in the third quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock valued at $9,650,000 after purchasing an additional 427,576 shares during the last quarter. Bank of New York Mellon Corp increased its position in Asana by 1.5% during the fourth quarter. Bank of New York Mellon Corp now owns 805,649 shares of the company’s stock worth $16,331,000 after buying an additional 11,896 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Asana by 7.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 694,792 shares of the company’s stock valued at $14,083,000 after acquiring an additional 48,831 shares in the last quarter. 26.21% of the stock is owned by institutional investors and hedge funds.

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.