Piper Sandler Trims Asana (NYSE:ASAN) Target Price to $12.00

Asana (NYSE:ASAN) had its price target cut by Piper Sandler from $14.00 to $12.00 in a research note published on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also recently commented on ASAN. UBS Group reduced 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. JMP Securities restated a market outperform rating and issued a $27.00 price objective on shares of Asana in a research report on Monday, July 15th. Robert W. Baird dropped their target price on shares of Asana from $20.00 to $13.00 and set a neutral rating for the company in a research report on Wednesday. Bank of America cut their price target on shares of Asana from $18.00 to $16.00 and set a buy 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 report on Wednesday, June 26th. 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 company’s stock. According to data from MarketBeat, Asana currently has a consensus rating of Hold and an average price target of $14.67.

Asana Stock Down 6.4 %

ASAN stock opened at $11.78 on Wednesday. The stock has a 50-day simple moving average of $13.64 and a two-hundred day simple moving average of $14.65. Asana has a twelve month low of $11.29 and a twelve month high of $23.44. The firm has a market capitalization of $2.69 billion, a PE ratio of -10.07 and a beta of 1.16. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.13.

Asana (NYSE:ASAN) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, beating the consensus estimate 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 company had revenue of $179.21 million during the quarter, compared to analysts’ expectations of $177.68 million. During the same quarter in the previous year, the company earned ($0.31) earnings per share. Asana’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, equities analysts predict that Asana will post -1.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Tim M. Wan sold 28,856 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now 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 accessible through the SEC website. In other Asana news, CFO Tim M. Wan sold 28,856 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Tim M. Wan sold 10,000 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $15.00, for a total transaction of $150,000.00. Following the sale, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at $15,754,260. The disclosure for this sale can be found here. Insiders have sold 84,443 shares of company stock valued at $1,026,976 in the last ninety days. Company insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

Several institutional investors and hedge funds have recently modified their holdings of ASAN. Vanguard Group Inc. raised its stake in Asana by 5.6% in the first quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock worth $144,462,000 after buying an additional 490,823 shares in the last quarter. Champlain Investment Partners LLC grew its stake in shares of Asana by 26.9% in the first quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock worth $62,456,000 after acquiring an additional 854,355 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Asana by 15.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock valued at $33,891,000 after acquiring an additional 235,135 shares in the last quarter. Gilder Gagnon Howe & Co. LLC bought a new position in shares of Asana during the fourth quarter valued at $25,246,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of Asana in the 2nd quarter worth about $17,100,000. 26.21% of the stock is 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.