Asana (NYSE:ASAN) Rating Lowered to Sell at Zacks Investment Research

Asana (NYSE:ASAN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Asana Inc. provides work management platform as software as service which enables individuals and teams to get work done. Asana Inc. is based in San Francisco, California. “

Other analysts have also issued research reports about the company. Morgan Stanley increased their price objective on Asana from $34.00 to $37.00 and gave the company an “equal weight” rating in a research note on Friday, June 4th. KeyCorp increased their price objective on Asana from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, June 4th. Robert W. Baird reaffirmed a “buy” rating and set a $40.00 price objective on shares of Asana in a research note on Friday, June 4th. Credit Suisse Group increased their price objective on Asana from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, March 11th. Finally, Wolfe Research assumed coverage on Asana in a research note on Wednesday, April 28th. They set an “outperform” rating and a $40.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $38.54.

Shares of ASAN stock opened at $45.94 on Wednesday. Asana has a fifty-two week low of $20.57 and a fifty-two week high of $46.21. The stock has a market capitalization of $7.49 billion and a PE ratio of -31.04. The firm has a fifty day moving average price of $33.67.

Asana (NYSE:ASAN) last announced its quarterly earnings results on Wednesday, June 2nd. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.06. The firm had revenue of $76.67 million during the quarter, compared to analysts’ expectations of $70.14 million. During the same quarter in the prior year, the business earned ($0.31) EPS. The company’s quarterly revenue was up 60.7% compared to the same quarter last year. Equities analysts expect that Asana will post -1.4 earnings per share for the current fiscal year.

In other news, CEO Dustin A. Moskovitz acquired 250,000 shares of Asana stock in a transaction dated Monday, June 7th. The shares were acquired at an average cost of $39.69 per share, with a total value of $9,922,500.00. Following the purchase, the chief executive officer now directly owns 836,561 shares of the company’s stock, valued at approximately $33,203,106.09. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Chris Farinacci sold 26,072 shares of Asana stock in a transaction dated Thursday, April 1st. The shares were sold at an average price of $29.50, for a total value of $769,124.00. Following the completion of the transaction, the chief operating officer now directly owns 315,072 shares in the company, valued at $9,294,624. The disclosure for this sale can be found here. Over the last three months, insiders sold 133,644 shares of company stock worth $4,437,663. 54.43% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. tru Independence LLC acquired a new position in shares of Asana in the 4th quarter valued at about $29,550,000. Cypress Point Wealth Management LLC acquired a new position in shares of Asana in the 4th quarter valued at about $30,000. Close Asset Management Ltd purchased a new stake in shares of Asana during the 1st quarter valued at about $29,000. Valeo Financial Advisors LLC raised its holdings in shares of Asana by 150.4% during the 1st quarter. Valeo Financial Advisors LLC now owns 1,217 shares of the company’s stock valued at $35,000 after buying an additional 731 shares during the period. Finally, Global Wealth Management Investment Advisory Inc. raised its holdings in shares of Asana by 87.7% during the 4th quarter. Global Wealth Management Investment Advisory Inc. now owns 1,295 shares of the company’s stock valued at $38,000 after buying an additional 605 shares during the period. 26.57% of the stock is currently owned by institutional investors and hedge funds.

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. It provides a work management platform as software as service that enables individuals and teams to get work done faster while enhancing employee engagement by allowing everyone to see how their work connects to the mission of an organization.

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