Asana (NYSE:ASAN) Price Target Cut to $13.00

Asana (NYSE:ASAN) had its price objective reduced by Robert W. Baird from $20.00 to $13.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts also recently weighed in on the stock. Bank of America reduced their price target on shares of Asana from $18.00 to $16.00 and set a buy rating for the company in a research report on Wednesday. KeyCorp reduced their target price on Asana from $14.00 to $13.00 and set an underweight rating for the company in a report on Friday, May 31st. UBS Group lowered their price target on Asana from $20.00 to $17.00 and set a neutral rating on the stock in a report on Friday, May 24th. Citigroup reduced 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, Oppenheimer lowered their price objective on shares of Asana from $28.00 to $23.00 and set an outperform rating on the stock in a research report on Friday, May 31st. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Asana currently has a consensus rating of Hold and an average price target of $14.67.

Asana Price Performance

ASAN opened at $11.78 on Wednesday. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.13. The company has a market cap of $2.69 billion, a price-to-earnings ratio of -10.07 and a beta of 1.16. The stock has a fifty day simple moving average of $13.64 and a two-hundred day simple moving average of $14.62. Asana has a 12-month low of $11.29 and a 12-month high of $23.44.

Asana (NYSE:ASAN) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $179.21 million during 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 firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.31) earnings per share. Research analysts predict that Asana will post -1.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Tim M. Wan sold 28,856 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $330,112.64. Following the completion of the sale, the chief financial officer now owns 1,050,284 shares in the company, valued at $12,015,248.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Tim M. Wan sold 28,856 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $330,112.64. Following the sale, the chief financial officer now directly owns 1,050,284 shares in the company, valued at $12,015,248.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Tim M. Wan sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $15.00, for a total value of $150,000.00. Following the transaction, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at approximately $15,754,260. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,443 shares of company stock valued at $1,026,976. Company insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. bought a new stake in shares of Asana in the 2nd quarter worth about $17,100,000. Susquehanna Fundamental Investments LLC bought a new stake in Asana in the second quarter worth about $3,050,000. Scientech Research LLC purchased a new position in shares of Asana during the second quarter valued at approximately $146,000. The Manufacturers Life Insurance Company raised its holdings in shares of Asana by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 49,096 shares of the company’s stock worth $687,000 after buying an additional 1,888 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in Asana by 25.6% during the 2nd quarter. AQR Capital Management LLC now owns 32,503 shares of the company’s stock valued at $444,000 after acquiring an additional 6,634 shares during the period. Institutional investors own 26.21% of the company’s stock.

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.