Morgan Stanley Lowers Asana (NYSE:ASAN) Price Target to $15.00

Asana (NYSE:ASAN) had its target price decreased by analysts at Morgan Stanley from $19.00 to $15.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 8.23% from the company’s current price.

A number of other equities analysts have also weighed in on the company. UBS Group decreased their target price on Asana from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Jefferies Financial Group decreased their price target on shares of Asana from $17.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, May 31st. Piper Sandler reduced their price target on Asana from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. JMP Securities reiterated a “market outperform” rating and issued a $27.00 price target on shares of Asana in a research report on Monday, July 15th. Finally, Citigroup dropped their target price on shares of Asana from $17.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Two analysts have rated the stock with a sell rating, seven 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 a consensus price target of $17.67.

Asana Price Performance

Shares of ASAN opened at $13.86 on Tuesday. Asana has a fifty-two week low of $11.29 and a fifty-two week high of $23.44. The firm’s 50-day simple moving average is $13.41 and its two-hundred day simple moving average is $15.06. The stock has a market cap of $3.16 billion, a PE ratio of -11.85 and a beta of 1.16. 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 posted its quarterly earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.02. The company had revenue of $172.45 million for the quarter, compared to the consensus estimate of $168.53 million. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. Analysts anticipate that Asana will post -1.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Headlands Technologies LLC lifted its stake in shares of Asana by 327.9% during the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after acquiring an additional 2,220 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in Asana by 26.2% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 3,225 shares of the company’s stock valued at $61,000 after buying an additional 669 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new stake in shares of Asana in the second quarter valued at approximately $65,000. Daiwa Securities Group Inc. grew its position in shares of Asana by 26.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock worth $70,000 after buying an additional 1,028 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its position in Asana by 139.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company’s stock valued at $93,000 after purchasing an additional 3,885 shares during the period. Hedge funds and other institutional investors own 26.21% of the company’s stock.

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.