JPMorgan Chase & Co. Trims Asana (NYSE:ASAN) Target Price to $13.00

Asana (NYSE:ASAN) had its target price decreased by JPMorgan Chase & Co. from $15.00 to $13.00 in a research report sent to investors on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the stock.

ASAN has been the topic of a number of other research reports. Citigroup reduced their target price on Asana from $17.00 to $15.00 and set a neutral rating on the stock in a report on Wednesday, June 26th. KeyCorp cut their target price on Asana from $12.00 to $10.00 and set an underweight rating on the stock in a research note on Wednesday. Royal Bank of Canada reiterated an underperform rating and set a $10.00 price objective on shares of Asana in a research note on Wednesday. Piper Sandler dropped their price objective on Asana from $14.00 to $12.00 and set a neutral rating on the stock in a research note on Wednesday. Finally, UBS Group dropped their price target on Asana from $17.00 to $13.00 and set a neutral rating on the stock in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Asana currently has a consensus rating of Hold and an average target price of $14.67.

Asana Stock Down 6.4 %

Shares of NYSE ASAN opened at $11.78 on Wednesday. The stock has a market cap of $2.69 billion, a PE ratio of -10.07 and a beta of 1.16. The business has a fifty day moving average of $13.64 and a two-hundred day moving average of $14.65. Asana has a 52-week low of $11.29 and a 52-week high of $23.44. 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 announced its earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The company had revenue of $179.21 million during the quarter, compared to analyst estimates of $177.68 million. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period last year, the company posted ($0.31) earnings per share. As a group, equities research analysts expect that Asana will post -1.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Asana news, CFO Tim M. Wan sold 28,856 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 transaction of $330,112.64. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Tim M. Wan sold 5,000 shares of the company’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 1,063,909 shares in the company, valued at $15,958,635. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Tim M. Wan sold 28,856 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $330,112.64. Following the completion of the transaction, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at $12,015,248.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,443 shares of company stock valued at $1,026,976. 63.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Asana

Several institutional investors have recently bought and sold shares of ASAN. Edmond DE Rothschild Holding S.A. increased its stake 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 worth $61,000 after buying an additional 669 shares during the period. Arizona State Retirement System increased its stake in shares of Asana by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 23,401 shares of the company’s stock worth $327,000 after acquiring an additional 803 shares in the last quarter. Kingsview Wealth Management LLC lifted its position in Asana by 4.2% during the 4th quarter. Kingsview Wealth Management LLC now owns 20,319 shares of the company’s stock valued at $386,000 after acquiring an additional 828 shares during the period. Diversified Trust Co lifted its position in Asana by 2.6% during the 2nd quarter. Diversified Trust Co now owns 34,985 shares of the company’s stock valued at $489,000 after acquiring an additional 900 shares during the period. Finally, Daiwa Securities Group Inc. lifted its position in Asana by 26.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after acquiring an additional 1,028 shares during the period. 26.21% of the stock is currently 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.