Asana (NYSE:ASAN) PT Lowered to $12.00 at Piper Sandler

Asana (NYSE:ASAN) had its price target reduced by Piper Sandler from $14.00 to $12.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Other analysts also recently issued research reports about the company. HSBC raised Asana from a reduce rating to a hold rating and dropped their price objective for the stock from $16.00 to $14.00 in a research note on Monday, June 3rd. KeyCorp dropped their price target on Asana from $14.00 to $13.00 and set an underweight rating on the stock in a research note on Friday, May 31st. Citigroup cut their target price on Asana from $17.00 to $15.00 and set a neutral rating on the stock in a research note on Wednesday, June 26th. Morgan Stanley decreased their target price on shares of Asana from $19.00 to $15.00 and set an equal weight rating for the company in a research report on Tuesday, August 20th. Finally, JMP Securities restated a market outperform rating and set a $27.00 price objective on shares of Asana in a research note on Monday, July 15th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $14.67.

Asana Trading Down 6.4 %

Shares of ASAN opened at $11.78 on Wednesday. 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 has a 12-month low of $11.29 and a 12-month high of $23.44. The stock’s fifty day simple moving average is $13.64 and its 200-day simple moving average is $14.62.

Asana (NYSE:ASAN) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) earnings per share 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 business had revenue of $179.21 million for the quarter, compared to analyst estimates of $177.68 million. During the same period in the prior year, the business posted ($0.31) earnings per share. Asana’s revenue was up 10.3% compared to the same quarter last year. As a group, research analysts predict that Asana will post -1.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Eleanor B. Lacey sold 4,999 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $12.95, for a total transaction of $64,737.05. Following the transaction, the insider now owns 384,150 shares in the company, valued at $4,974,742.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Eleanor B. Lacey sold 4,999 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $12.95, for a total transaction of $64,737.05. Following the completion of the sale, the insider now owns 384,150 shares of the company’s stock, valued at $4,974,742.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Tim M. Wan sold 28,856 shares of the company’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 transaction of $330,112.64. Following the sale, the chief financial officer now directly owns 1,050,284 shares of the company’s stock, valued at approximately $12,015,248.96. The disclosure for this sale can be found here. Insiders sold 84,443 shares of company stock worth $1,026,976 over the last three months. Insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund increased its position in Asana by 22.4% in the 4th quarter. New York State Common Retirement Fund now owns 37,756 shares of the company’s stock valued at $718,000 after acquiring an additional 6,904 shares during the period. Victory Capital Management Inc. acquired a new stake in shares of Asana in the fourth quarter valued at about $197,000. Charles Schwab Investment Management Inc. increased its position in Asana by 6.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 696,277 shares of the company’s stock valued at $13,236,000 after purchasing an additional 43,564 shares during the period. Beacon Pointe Advisors LLC raised its holdings in Asana by 13.0% during the 4th quarter. Beacon Pointe Advisors LLC now owns 38,276 shares of the company’s stock worth $728,000 after purchasing an additional 4,401 shares during the last quarter. Finally, Kingsview Wealth Management LLC raised its holdings in Asana by 4.2% during the 4th quarter. Kingsview Wealth Management LLC now owns 20,319 shares of the company’s stock worth $386,000 after purchasing an additional 828 shares during 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.