Asana (NYSE:ASAN) PT Lowered to $13.00 at UBS Group

Asana (NYSE:ASAN) had its target price cut by UBS Group from $17.00 to $13.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms also recently commented on ASAN. Robert W. Baird lowered their target price on Asana from $20.00 to $13.00 and set a neutral rating for the company in a research report on Wednesday. Piper Sandler decreased their price target on shares of Asana from $14.00 to $12.00 and set a neutral rating on the stock in a research note on Wednesday. Oppenheimer dropped their price objective on shares of Asana from $28.00 to $23.00 and set an outperform rating for the company in a research note on Friday, May 31st. JMP Securities restated a market outperform rating and set a $27.00 target price on shares of Asana in a research report on Monday, July 15th. Finally, Morgan Stanley dropped their price target on Asana from $19.00 to $15.00 and set an equal weight rating for the company in a research report on Tuesday, August 20th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $14.80.

Asana Stock Performance

Shares of NYSE ASAN opened at $12.60 on Wednesday. The company has a market cap of $2.87 billion, a P/E ratio of -10.77 and a beta of 1.16. Asana has a 52-week low of $11.29 and a 52-week high of $23.44. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.71 and a current ratio of 1.71. The firm’s fifty day moving average is $13.71 and its two-hundred day moving average is $14.71.

Asana (NYSE:ASAN) last issued its earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, topping 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 return on equity of 77.48% and a negative net margin of 38.55%. The business’s revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.31) earnings per share. As a group, analysts anticipate that Asana will post -1.05 EPS for the current fiscal year.

Insider Activity

In related news, COO Anne Raimondi sold 26,588 shares of the firm’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 $304,166.72. Following the transaction, the chief operating officer now owns 790,894 shares of the company’s stock, valued at approximately $9,047,827.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Asana news, CFO Tim M. Wan sold 28,856 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $330,112.64. Following the completion of the sale, the chief financial officer now directly owns 1,050,284 shares in the company, valued at approximately $12,015,248.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Anne Raimondi sold 26,588 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $304,166.72. Following the transaction, the chief operating officer now owns 790,894 shares in the company, valued at approximately $9,047,827.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,443 shares of company stock valued at $1,026,976. 63.97% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

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.