Asana, Inc. (NYSE:ASAN – Get Free Report)’s share price gapped down prior to trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $15.00 to $13.00. The stock had previously closed at $13.29, but opened at $11.55. JPMorgan Chase & Co. currently has an underweight rating on the stock. Asana shares last traded at $12.00, with a volume of 996,007 shares traded.
ASAN has been the topic of several other research reports. UBS Group decreased their price objective on Asana from $17.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday. Morgan Stanley reduced their price target on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 20th. Piper Sandler cut their price objective on Asana from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday. Oppenheimer reduced their target price on shares of Asana from $23.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Citigroup lowered their price objective on Asana from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $14.80.
Insider Transactions at Asana
In related news, CFO Tim M. Wan sold 5,000 shares of the firm’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 transaction, the chief financial officer now directly owns 1,063,909 shares of the company’s stock, valued at $15,958,635. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Tim M. Wan sold 28,856 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were 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 of the company’s stock, valued at $12,015,248.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Tim M. Wan sold 5,000 shares of the firm’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 transaction, the chief financial officer now directly owns 1,063,909 shares in the company, valued at $15,958,635. The disclosure for this sale can be found here. In the last 90 days, insiders 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
A number of institutional investors have recently modified their holdings of ASAN. Gilder Gagnon Howe & Co. LLC bought a new position in Asana in the 4th quarter valued at approximately $25,246,000. Point72 Asset Management L.P. acquired a new stake in shares of Asana during the 2nd quarter valued at $17,100,000. Champlain Investment Partners LLC boosted its holdings in shares of Asana by 26.9% during the 1st quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock valued at $62,456,000 after acquiring an additional 854,355 shares in the last quarter. Vanguard Group Inc. grew its position in Asana by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock worth $144,462,000 after acquiring an additional 490,823 shares during the last quarter. Finally, Norges Bank acquired a new position in Asana in the 4th quarter worth about $7,500,000. Institutional investors and hedge funds own 26.21% of the company’s stock.
Asana Stock Down 5.2 %
The firm has a 50-day simple moving average of $13.71 and a 200 day simple moving average of $14.71. The stock has a market capitalization of $2.87 billion, a P/E ratio of -10.77 and a beta of 1.16. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.71 and a quick ratio of 1.71.
Asana (NYSE:ASAN – Get Free Report) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate 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 quarter in the prior year, the firm posted ($0.31) earnings per share. The business’s quarterly revenue was up 10.3% on a year-over-year basis. On average, equities research analysts forecast that Asana, Inc. will post -1.05 EPS for the current year.
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.