Asana (NYSE:ASAN) Given “Underperform” Rating at Royal Bank of Canada

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

Several other brokerages have also issued reports on ASAN. Oppenheimer cut their target price on Asana from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. DA Davidson upped their price objective on shares of Asana from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday. Citigroup decreased their target price on shares of Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. KeyCorp lowered their price target on shares of Asana from $12.00 to $10.00 and set an “underweight” rating for the company in a research note on Wednesday, September 4th. Finally, UBS Group reduced their price objective on Asana from $17.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Three investment 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. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.21.

Asana Price Performance

Shares of NYSE:ASAN opened at $11.75 on Wednesday. The company’s fifty day moving average price is $12.41 and its 200-day moving average price is $13.45. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of -10.05 and a beta of 1.14. Asana has a one year low of $11.05 and a one year high of $23.44.

Asana (NYSE:ASAN) last released its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. Asana had a negative return on equity of 81.88% and a negative net margin of 37.73%. The business had revenue of $179.21 million for the quarter, compared to the consensus estimate of $177.68 million. During the same quarter last year, the business posted ($0.31) earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, equities research analysts anticipate that Asana will post -1.14 earnings per share for the current fiscal year.

Insider Activity at Asana

In other Asana news, insider Eleanor B. Lacey sold 9,308 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $111,602.92. Following the completion of the transaction, the insider now directly owns 375,310 shares in the company, valued at approximately $4,499,966.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Anne Raimondi sold 29,807 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $357,385.93. Following the completion of the transaction, the chief operating officer now owns 761,088 shares in the company, valued at $9,125,445.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Eleanor B. Lacey sold 9,308 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $111,602.92. Following the completion of the sale, the insider now directly owns 375,310 shares in the company, valued at approximately $4,499,966.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,092 shares of company stock worth $527,668 over the last quarter. Corporate insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

A number of hedge funds have recently modified their holdings of ASAN. Arizona State Retirement System increased its stake in shares of Asana by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 23,401 shares of the company’s stock worth $327,000 after acquiring an additional 803 shares in the last quarter. Diversified Trust Co increased its stake in shares of Asana by 2.6% during the second quarter. Diversified Trust Co now owns 34,985 shares of the company’s stock valued at $489,000 after purchasing an additional 900 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Asana by 26.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after purchasing an additional 1,028 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Asana by 12.1% during the first quarter. ProShare Advisors LLC now owns 15,838 shares of the company’s stock valued at $245,000 after purchasing an additional 1,710 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Asana by 11.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,045 shares of the company’s stock worth $238,000 after purchasing an additional 1,769 shares in the last quarter. 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.