Royal Bank of Canada Reaffirms “Underperform” Rating for Asana (NYSE:ASAN)

Royal Bank of Canada reissued their underperform rating on shares of Asana (NYSE:ASAN) in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a $10.00 price objective on the stock.

Several other equities analysts have also commented on ASAN. Morgan Stanley lowered their price target 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. Robert W. Baird decreased 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. HSBC raised Asana from a reduce rating to a hold rating and cut their price target for the company from $16.00 to $14.00 in a report on Monday, June 3rd. Citigroup decreased their price objective on Asana from $17.00 to $15.00 and set a neutral rating for the company in a report on Wednesday, June 26th. Finally, Bank of America lowered their target price on Asana from $18.00 to $16.00 and set a buy rating on the stock in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Asana has a consensus rating of Hold and a consensus target price of $14.67.

Asana Stock Performance

Shares of NYSE ASAN opened at $11.78 on Wednesday. The stock has a market capitalization of $2.69 billion, a P/E ratio of -10.07 and a beta of 1.16. The firm’s 50-day moving average price is $13.64 and its two-hundred day moving average price is $14.65. Asana has a 52-week low of $11.29 and a 52-week high of $23.44. 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 announced its quarterly 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 business had revenue of $179.21 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the business posted ($0.31) EPS. As a group, sell-side analysts forecast that Asana will post -1.05 earnings per share for the current year.

Insider Activity

In related news, insider Eleanor B. Lacey sold 4,999 shares of Asana stock in a transaction dated 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 directly owns 384,150 shares of the company’s stock, valued at $4,974,742.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Eleanor B. Lacey sold 4,999 shares of the firm’s stock in a transaction that occurred on 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 directly owns 384,150 shares in the company, valued at $4,974,742.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Tim M. Wan sold 5,000 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $15.00, for a total value of $75,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,063,909 shares in the company, valued at approximately $15,958,635. The disclosure for this sale can be found here. Insiders sold a total of 84,443 shares of company stock worth $1,026,976 over the last 90 days. 63.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Asana

A number of institutional investors have recently bought and sold shares of the stock. Beacon Pointe Advisors LLC increased its position in shares of Asana by 13.0% in the fourth quarter. Beacon Pointe Advisors LLC now owns 38,276 shares of the company’s stock worth $728,000 after acquiring an additional 4,401 shares in the last quarter. Charles Schwab Investment Management Inc. grew 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 worth $13,236,000 after purchasing an additional 43,564 shares in the last quarter. Victory Capital Management Inc. purchased a new position in Asana during the 4th quarter worth approximately $197,000. Bessemer Group Inc. raised its stake in Asana by 27.9% during the 1st quarter. Bessemer Group Inc. now owns 53,345 shares of the company’s stock valued at $827,000 after purchasing an additional 11,640 shares during the period. Finally, Quest Partners LLC purchased a new stake in shares of Asana in the fourth quarter valued at $260,000. Hedge funds and other 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.