Asana (NYSE:ASAN) Price Target Raised to $14.00

Asana (NYSE:ASAN) had its price target raised by JPMorgan Chase & Co. from $13.00 to $14.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

ASAN has been the subject of several other reports. KeyCorp reiterated a “sector weight” rating on shares of Asana in a research note on Wednesday. Robert W. Baird raised their price objective on Asana from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday. Bank of America reduced their target price on Asana from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday. JMP Securities restated a “market outperform” rating and issued a $22.00 price target on shares of Asana in a research note on Wednesday. Finally, DA Davidson reduced their price objective on shares of Asana from $20.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Asana currently has an average rating of “Hold” and an average price target of $15.97.

Asana Stock Performance

Shares of ASAN opened at $14.87 on Wednesday. The firm’s 50 day moving average price is $16.31 and its two-hundred day moving average price is $18.27. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. Asana has a twelve month low of $11.05 and a twelve month high of $27.77. The firm has a market cap of $3.47 billion, a P/E ratio of -13.28 and a beta of 1.23.

Asana (NYSE:ASAN) last announced its earnings results on Tuesday, June 3rd. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.03. Asana had a negative return on equity of 86.84% and a negative net margin of 36.17%. The business had revenue of $187.63 million for the quarter, compared to analyst estimates of $185.40 million. During the same quarter last year, the firm earned ($0.06) EPS. Asana’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, analysts forecast that Asana will post -1.09 EPS for the current fiscal year.

Insider Activity

In other Asana news, COO Anne Raimondi sold 18,775 shares of Asana stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $14.03, for a total value of $263,413.25. Following the completion of the sale, the chief operating officer now directly owns 716,580 shares in the company, valued at approximately $10,053,617.40. The trade was a 2.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Dustin A. Moskovitz purchased 225,000 shares of the company’s stock in a transaction on Monday, March 17th. The stock was acquired at an average cost of $14.02 per share, for a total transaction of $3,154,500.00. Following the completion of the purchase, the chief executive officer now owns 48,573,436 shares of the company’s stock, valued at approximately $680,999,572.72. This trade represents a 0.47% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 2,074,507 shares of company stock valued at $30,025,743. 61.28% of the stock is currently owned by insiders.

Institutional Trading of Asana

Several hedge funds have recently modified their holdings of ASAN. Quarry LP bought a new position in Asana during the fourth quarter worth $29,000. Banque Cantonale Vaudoise bought a new stake in Asana in the first quarter valued at $28,000. AlphaQuest LLC raised its holdings in shares of Asana by 825.1% during the first quarter. AlphaQuest LLC now owns 2,470 shares of the company’s stock valued at $36,000 after purchasing an additional 2,203 shares during the period. Bogart Wealth LLC acquired a new position in shares of Asana during the fourth quarter valued at about $61,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Asana during the 4th quarter worth about $82,000. 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.