Morgan Stanley Has Lowered Expectations for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its price objective cut by Morgan Stanley from $18.00 to $15.00 in a report released on Wednesday morning, Marketbeat Ratings reports. They currently have an equal weight rating on the stock.

A number of other research firms have also recently commented on ASAN. Scotiabank cut their price target on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday. DA Davidson lowered their price objective on shares of Asana from $20.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday. UBS Group lowered their price objective on shares of Asana from $18.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. lowered their price objective on shares of Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a research note on Tuesday. Finally, Piper Sandler lowered their price objective on shares of Asana from $27.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday. Two analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $15.87.

Asana Trading Up 8.0 %

ASAN stock opened at $13.95 on Wednesday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. Asana has a twelve month low of $11.05 and a twelve month high of $27.77. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -12.45 and a beta of 1.13. The firm’s fifty day simple moving average is $19.99 and its two-hundred day simple moving average is $16.80.

Insiders Place Their Bets

In other Asana news, COO Anne Raimondi sold 27,233 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the completion of the transaction, the chief operating officer now directly owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. This trade represents a 3.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Justin Rosenstein sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $19.76, for a total transaction of $2,964,000.00. Following the transaction, the director now directly owns 1,097,309 shares of the company’s stock, valued at $21,682,825.84. This represents a 12.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 723,300 shares of company stock valued at $15,161,068. 63.97% of the stock is owned by insiders.

Hedge Funds Weigh In On Asana

Several institutional investors have recently made changes to their positions in ASAN. GSA Capital Partners LLP purchased a new position in shares of Asana during the 3rd quarter valued at approximately $497,000. MQS Management LLC purchased a new position in shares of Asana during the 3rd quarter valued at approximately $141,000. KBC Group NV increased its holdings in shares of Asana by 52.1% during the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after purchasing an additional 1,211 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Asana during the 3rd quarter valued at approximately $43,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Asana during the 3rd quarter valued at approximately $603,000. 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.