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

Royal Bank of Canada restated their underperform rating on shares of Asana (NYSE:ASAN) in a research report report published on Friday,Benzinga reports. The brokerage currently has a $10.00 target price on the stock.

Other research analysts have also recently issued reports about the company. Oppenheimer lowered their target price on Asana from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Morgan Stanley lowered their price objective on Asana from $19.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 20th. Bank of America reduced their target price on shares of Asana from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. Piper Sandler boosted their price target on shares of Asana from $12.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Robert W. Baird boosted their price target on shares of Asana from $13.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $16.53.

Asana Stock Performance

Shares of ASAN stock opened at $22.19 on Friday. Asana has a 52 week low of $11.05 and a 52 week high of $22.54. The firm has a 50 day moving average of $13.37 and a two-hundred day moving average of $13.29. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $5.06 billion, a PE ratio of -19.81 and a beta of 1.22.

Insider Activity

In other news, insider Eleanor B. Lacey sold 4,977 shares of the company’s stock in a transaction on 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 transaction, the insider now owns 370,333 shares in the company, valued at approximately $4,366,226.07. This represents a 1.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Anne Raimondi sold 29,807 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $11.99, for a total transaction of $357,385.93. Following the completion of the transaction, the chief operating officer now owns 761,088 shares of the company’s stock, valued at approximately $9,125,445.12. The trade was a 3.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,092 shares of company stock worth $527,668. Corporate insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Large investors have recently bought and sold shares of the business. Headlands Technologies LLC boosted its stake in Asana by 327.9% during the 2nd 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. KBC Group NV boosted its stake in Asana by 52.1% during the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock worth $41,000 after purchasing an additional 1,211 shares during the period. Quest Partners LLC acquired a new stake in Asana during the 3rd quarter worth $43,000. Redwood Wealth Management Group LLC acquired a new stake in Asana during the 2nd quarter worth $65,000. Finally, Daiwa Securities Group Inc. boosted its stake in 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 purchasing an additional 1,028 shares during the period. Institutional investors and hedge funds 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.