Asana (NYSE:ASAN) Price Target Cut to $15.00 by Analysts at Morgan Stanley

Asana (NYSE:ASAN) had its price objective reduced by Morgan Stanley from $18.00 to $15.00 in a research report sent to investors on Wednesday, Marketbeat.com reports. They currently have an equal weight rating on the stock.

Several other analysts have also recently weighed in on ASAN. UBS Group dropped their price objective on shares of Asana from $18.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday. Piper Sandler dropped their price objective on shares of Asana from $27.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday. Royal Bank of Canada restated an “underperform” rating and issued a $10.00 target price on shares of Asana in a research report on Friday, December 6th. Jefferies Financial Group dropped their target price on shares of Asana from $19.00 to $15.00 and set a “hold” rating for the company in a research report on Tuesday. Finally, Robert W. Baird dropped their target price on shares of Asana from $23.00 to $13.00 and set a “neutral” rating for the company in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $15.87.

Asana Price Performance

Shares of Asana stock opened at $13.45 on Wednesday. Asana has a twelve month low of $11.05 and a twelve month 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 company has a 50-day simple moving average of $20.26 and a two-hundred day simple moving average of $16.84. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of -12.00 and a beta of 1.13.

Insider Buying and Selling

In related news, Director Justin Rosenstein sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The shares were 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 represents a 6.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction that occurred on 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 directly owns 733,855 shares in the company, valued at $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 723,300 shares of company stock worth $15,161,068 in the last three months. 63.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Asana

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new stake in Asana during the 4th quarter worth approximately $29,000. Bogart Wealth LLC bought a new stake in shares of Asana in the 4th quarter valued at $61,000. KBC Group NV boosted its stake in shares of Asana by 52.1% in the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after purchasing an additional 1,211 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Asana in the 3rd quarter valued at $43,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Asana in the 4th quarter valued at $82,000. 26.21% of the stock is owned by institutional investors.

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.