JMP Securities Lowers Asana (NYSE:ASAN) Price Target to $21.00

Asana (NYSE:ASAN) had its price objective lowered by equities researchers at JMP Securities from $27.00 to $21.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ target price points to a potential upside of 67.00% from the company’s previous close.

A number of other analysts also recently issued reports on ASAN. Robert W. Baird decreased their price target on Asana from $20.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday. Morgan Stanley lowered their price target on Asana from $19.00 to $15.00 and set an “equal weight” rating for the company in a report on Tuesday, August 20th. Oppenheimer cut their price objective on shares of Asana from $23.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday. HSBC upgraded shares of Asana from a “reduce” rating to a “hold” rating and lowered their target price for the company from $16.00 to $14.00 in a report on Monday, June 3rd. Finally, Jefferies Financial Group cut their price target on shares of Asana from $17.00 to $16.00 and set a “hold” rating on the stock in a research note on Friday, May 31st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $14.67.

Asana Stock Performance

Shares of Asana stock opened at $12.58 on Wednesday. The business has a 50-day simple moving average of $13.69 and a 200-day simple moving average of $14.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.71 and a current ratio of 1.71. Asana has a one year low of $11.29 and a one year high of $23.44. The company has a market cap of $2.87 billion, a PE ratio of -10.75 and a beta of 1.16.

Asana (NYSE:ASAN) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The company had revenue of $179.21 million for the quarter, compared to the consensus estimate of $177.68 million. Asana had a negative net margin of 38.55% and a negative return on equity of 77.48%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.31) EPS. On average, equities research 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 other news, COO Anne Raimondi sold 26,588 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $11.44, for a total transaction of $304,166.72. Following the transaction, the chief operating officer now directly owns 790,894 shares in the company, valued at $9,047,827.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Eleanor B. Lacey sold 4,999 shares of Asana stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $12.95, for a total value of $64,737.05. Following the completion of the sale, the insider now directly owns 384,150 shares in the company, valued at approximately $4,974,742.50. 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.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ASAN. Headlands Technologies LLC raised its holdings 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 last quarter. Edmond DE Rothschild Holding S.A. increased its position in shares of Asana by 26.2% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 3,225 shares of the company’s stock valued at $61,000 after buying an additional 669 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of Asana during the 2nd quarter worth $65,000. Daiwa Securities Group Inc. raised its stake in shares of Asana by 26.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock worth $70,000 after buying an additional 1,028 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of Asana by 139.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company’s stock worth $93,000 after buying an additional 3,885 shares in the last quarter. 26.21% of the stock is owned by hedge funds and other institutional investors.

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.