Asana (NYSE:ASAN) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada restated their underperform rating on shares of Asana (NYSE:ASAN) in a research report sent to investors on Wednesday, Benzinga reports. The firm currently has a $10.00 price target on the stock.

A number of other brokerages have also issued reports on ASAN. Robert W. Baird cut their price target on shares of Asana from $20.00 to $13.00 and set a neutral rating on the stock in a research note on Wednesday. Oppenheimer reduced their price objective on Asana from $28.00 to $23.00 and set an outperform rating for the company in a research note on Friday, May 31st. KeyCorp dropped their target price on Asana from $14.00 to $13.00 and set an underweight rating on the stock in a research report on Friday, May 31st. Morgan Stanley decreased their price objective on shares of Asana from $19.00 to $15.00 and set an equal weight rating for the company in a research note on Tuesday, August 20th. Finally, JMP Securities reiterated a market outperform rating and issued a $27.00 price objective on shares of Asana in a research note on Monday, July 15th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $14.67.

Asana Stock Performance

Shares of ASAN stock 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 PE ratio of -10.07 and a beta of 1.16. Asana has a 12-month low of $11.29 and a 12-month high of $23.44. The business’s fifty day simple moving average is $13.64 and its 200-day simple moving average is $14.62.

Asana (NYSE:ASAN) last released its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. The company had revenue of $179.21 million during the quarter, compared to analysts’ expectations of $177.68 million. During the same period last year, the business posted ($0.31) earnings per share. The firm’s revenue was up 10.3% compared to the same quarter last year. Analysts expect that Asana will post -1.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Tim M. Wan sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $15.00, for a total transaction of $75,000.00. Following the transaction, the chief financial officer now directly owns 1,063,909 shares in the company, valued at approximately $15,958,635. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Asana news, insider Eleanor B. Lacey sold 9,000 shares of Asana stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $102,960.00. Following the sale, the insider now owns 389,149 shares in the company, valued at $4,451,864.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Tim M. Wan sold 5,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $15.00, for a total transaction of $75,000.00. Following the completion of the sale, the chief financial officer now owns 1,063,909 shares in the company, valued at $15,958,635. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,443 shares of company stock worth $1,026,976. 63.97% of the stock is owned by insiders.

Hedge Funds Weigh In On Asana

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