Asana (NYSE:ASAN) Shares Gap Down Following Analyst Downgrade

Asana, Inc. (NYSE:ASAN)’s share price gapped down before the market opened on Tuesday after Morgan Stanley lowered their price target on the stock from $19.00 to $15.00. The stock had previously closed at $13.53, but opened at $13.10. Morgan Stanley currently has an equal weight rating on the stock. Asana shares last traded at $13.41, with a volume of 165,936 shares.

Several other research firms have also issued reports on ASAN. UBS Group dropped their price target on shares of Asana from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, May 24th. Jefferies Financial Group dropped their target price on shares of Asana from $17.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, May 31st. Citigroup lowered their price target on Asana from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Oppenheimer decreased their target price on Asana from $28.00 to $23.00 and set an “outperform” rating on the stock in a report on Friday, May 31st. Finally, HSBC raised Asana from a “reduce” rating to a “hold” rating and cut their price target for the company from $16.00 to $14.00 in a report on Monday, June 3rd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.67.

Insider Buying and Selling at Asana

In other Asana news, CFO Tim M. Wan sold 28,856 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total transaction of $330,112.64. Following the completion of the sale, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at approximately $12,015,248.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Asana news, CFO Tim M. Wan sold 28,856 shares of Asana stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $330,112.64. Following the completion of the sale, the chief financial officer now directly owns 1,050,284 shares of the company’s stock, valued at $12,015,248.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Tim M. Wan sold 5,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $15.00, for a total value of $75,000.00. Following the completion of the sale, the chief financial officer now directly owns 1,063,909 shares of the company’s stock, valued at $15,958,635. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,443 shares of company stock worth $1,026,976. Insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

Institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in shares of Asana in the 4th quarter worth about $199,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Asana by 2.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 36,243 shares of the company’s stock valued at $689,000 after acquiring an additional 808 shares during the last quarter. Strs Ohio boosted its position in Asana by 142.7% in the fourth quarter. Strs Ohio now owns 21,600 shares of the company’s stock worth $410,000 after purchasing an additional 12,700 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Asana by 26.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,499 shares of the company’s stock valued at $371,000 after purchasing an additional 4,102 shares during the period. Finally, New York State Common Retirement Fund increased its position in shares of Asana by 22.4% during the 4th quarter. New York State Common Retirement Fund now owns 37,756 shares of the company’s stock valued at $718,000 after purchasing an additional 6,904 shares during the last quarter. 26.21% of the stock is owned by institutional investors and hedge funds.

Asana Stock Down 0.3 %

The company has a market capitalization of $3.08 billion, a P/E ratio of -11.56 and a beta of 1.16. The stock has a 50 day moving average price of $13.40 and a 200 day moving average price of $15.10. 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 (NYSE:ASAN) last released its earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. Asana had a negative net margin of 38.55% and a negative return on equity of 77.48%. The firm had revenue of $172.45 million for the quarter, compared to analysts’ expectations of $168.53 million. Equities research analysts forecast that Asana, Inc. will post -1.05 earnings per share for the current fiscal year.

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.