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

Asana (NYSE:ASAN)‘s stock had its “underperform” rating reiterated by equities research analysts at Royal Bank of Canada in a research note issued on Wednesday, Benzinga reports. They currently have a $10.00 target price on the stock. Royal Bank of Canada’s price objective indicates a potential downside of 14.97% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their price target on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, September 4th. Robert W. Baird reduced their price objective on shares of Asana from $20.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. UBS Group reduced their price objective on shares of Asana from $17.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Morgan Stanley reduced their price objective on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 20th. Finally, Citigroup cut their price target on shares of Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Three equities research 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $14.21.

Asana Price Performance

ASAN traded down $0.47 on Wednesday, hitting $11.76. 815,763 shares of the company’s stock were exchanged, compared to its average volume of 2,022,970. The firm has a 50-day moving average price of $12.43 and a 200-day moving average price of $13.47. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of -10.07 and a beta of 1.14. Asana has a fifty-two week low of $11.05 and a fifty-two week high of $23.44.

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 the consensus estimate of ($0.08) by $0.03. The firm had revenue of $179.21 million for the quarter, compared to analysts’ expectations of $177.68 million. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The company’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.31) EPS. As a group, equities analysts anticipate that Asana will post -1.14 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Eleanor B. Lacey sold 4,977 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 370,333 shares of the company’s stock, valued at $4,366,226.07. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Eleanor B. Lacey sold 4,977 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 370,333 shares of the company’s stock, valued at $4,366,226.07. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Anne Raimondi sold 29,807 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $357,385.93. Following the completion of the sale, the chief operating officer now directly owns 761,088 shares of the company’s stock, valued at $9,125,445.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,092 shares of company stock worth $602,668. Company insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

Several hedge funds have recently modified their holdings of the stock. Washington Capital Management Inc. acquired a new stake in shares of Asana during the third quarter worth $377,000. SG Americas Securities LLC purchased a new position in shares of Asana in the third quarter valued at $456,000. Point72 Asset Management L.P. purchased a new position in shares of Asana in the second quarter valued at $17,100,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Asana in the second quarter valued at $3,050,000. Finally, Scientech Research LLC purchased a new position in shares of Asana in the second quarter valued at $146,000. 26.21% of the stock is owned by institutional investors and hedge funds.

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.