Asana (NYSE:ASAN) Coverage Initiated at Scotiabank

Scotiabank began coverage on shares of Asana (NYSE:ASAN) in a report issued on Monday, Marketbeat reports. The firm issued a sector perform rating and a $15.00 price target on the stock.

Several other research analysts have also commented on ASAN. Piper Sandler cut their price objective on Asana from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Bank of America dropped their target price on Asana from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. Robert W. Baird decreased their price target on Asana from $20.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. JPMorgan Chase & Co. dropped their price objective on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, September 4th. Finally, KeyCorp decreased their target price on shares of Asana from $12.00 to $10.00 and set an “underweight” rating for the company in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $14.27.

Asana Stock Performance

NYSE ASAN opened at $13.94 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63. Asana has a 1-year low of $11.05 and a 1-year high of $23.44. The firm has a market capitalization of $3.18 billion, a P/E ratio of -12.12 and a beta of 1.13. The business’s 50-day simple moving average is $12.42 and its 200-day simple moving average is $13.25.

Asana (NYSE:ASAN) last announced its quarterly 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 37.73% and a negative return on equity of 81.88%. The firm had revenue of $179.21 million for the quarter, compared to analysts’ expectations of $177.68 million. During the same period in the previous year, the company posted ($0.31) earnings per share. Asana’s revenue was up 10.3% compared to the same quarter last year. Equities analysts predict that Asana will post -1.14 EPS for the current year.

Insider Activity at Asana

In other Asana news, insider Eleanor B. Lacey sold 4,977 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.79, for a total value of $58,678.83. Following the sale, the insider now directly owns 370,333 shares of the company’s stock, valued at $4,366,226.07. This trade represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Anne Raimondi sold 29,807 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $11.99, for a total transaction of $357,385.93. Following the transaction, the chief operating officer now directly owns 761,088 shares of the company’s stock, valued at approximately $9,125,445.12. This trade represents a 3.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,092 shares of company stock valued at $527,668 in the last quarter. Insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

A number of hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC grew its holdings in Asana by 327.9% in the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after buying an additional 2,220 shares in the last quarter. KBC Group NV boosted its position in Asana by 52.1% during the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock worth $41,000 after acquiring an additional 1,211 shares during the period. Quest Partners LLC bought a new position in shares of Asana in the third quarter worth $43,000. Redwood Wealth Management Group LLC acquired a new position in shares of Asana during the second quarter valued at $65,000. Finally, Daiwa Securities Group Inc. raised its stake in shares of Asana by 26.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after purchasing an additional 1,028 shares in the last quarter. Institutional investors own 26.21% of the company’s stock.

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.