Asana’s (ASAN) “Underperform” Rating Reaffirmed at Royal Bank of Canada

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

A number of other brokerages have also recently issued reports on ASAN. Jefferies Financial Group lowered their price target on shares of Asana from $17.00 to $16.00 and set a hold rating for the company in a research report on Friday, May 31st. Bank of America decreased their price objective on shares of Asana from $18.00 to $16.00 and set a buy rating for the company in a report on Wednesday. Morgan Stanley reduced 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. Piper Sandler cut their price target on Asana from $14.00 to $12.00 and set a neutral rating for the company in a research note on Wednesday. Finally, Citigroup lowered their price objective on shares of Asana from $17.00 to $15.00 and set a neutral rating on the stock in a research note on Wednesday, June 26th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $14.67.

Asana Price Performance

Shares of ASAN stock opened at $11.78 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.71 and a current ratio of 1.71. The firm has a market cap of $2.69 billion, a P/E ratio of -10.07 and a beta of 1.16. The business’s 50 day moving average price is $13.64 and its 200-day moving average price is $14.62. Asana has a fifty-two week low of $11.29 and a fifty-two week high of $23.44.

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. Asana had a negative net margin of 38.55% and a negative return on equity of 77.48%. The firm had revenue of $179.21 million for the quarter, compared to analyst estimates of $177.68 million. During the same quarter in the previous year, the firm posted ($0.31) EPS. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities research analysts anticipate that Asana will post -1.05 earnings per share for the current year.

Insider Buying and Selling at Asana

In other Asana news, COO Anne Raimondi sold 26,588 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $11.44, for a total transaction of $304,166.72. Following the completion of the transaction, the chief operating officer now owns 790,894 shares of the company’s stock, valued at approximately $9,047,827.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Tim M. Wan sold 5,000 shares of the 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 sale, the chief financial officer now directly owns 1,063,909 shares of the company’s stock, valued at approximately $15,958,635. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Anne Raimondi sold 26,588 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $304,166.72. Following the sale, the chief operating officer now directly owns 790,894 shares of the company’s stock, valued at $9,047,827.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,443 shares of company stock worth $1,026,976. Insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Institutional investors and hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. bought a new stake in Asana during the 2nd quarter valued at about $17,100,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Asana during the second quarter worth approximately $3,050,000. Scientech Research LLC bought a new stake in shares of Asana during the second quarter valued at approximately $146,000. The Manufacturers Life Insurance Company boosted its holdings in shares of Asana by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 49,096 shares of the company’s stock valued at $687,000 after purchasing an additional 1,888 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of Asana by 25.6% in the second quarter. AQR Capital Management LLC now owns 32,503 shares of the company’s stock valued at $444,000 after purchasing an additional 6,634 shares during the period. 26.21% of the stock is currently owned by 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.