Asana (NYSE:ASAN) Price Target Cut to $12.00 by Analysts at Piper Sandler

Asana (NYSE:ASAN) had its price target decreased by Piper Sandler from $14.00 to $12.00 in a research report report published on Wednesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other research firms also recently commented on ASAN. Oppenheimer dropped their price objective on Asana from $28.00 to $23.00 and set an outperform rating on the stock in a research note on Friday, May 31st. HSBC upgraded shares of Asana from a reduce rating to a hold rating and decreased their price target for the stock from $16.00 to $14.00 in a research report on Monday, June 3rd. Morgan Stanley cut their target price on Asana from $19.00 to $15.00 and set an equal weight rating on the stock in a research report on Tuesday, August 20th. Bank of America reduced their price objective on shares of Asana from $18.00 to $16.00 and set a buy rating for the company in a research note on Wednesday. Finally, KeyCorp cut their price target on shares of Asana from $14.00 to $13.00 and set an underweight rating on the stock in a report on Friday, May 31st. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $14.67.

Asana Price Performance

Shares of NYSE ASAN opened at $11.78 on Wednesday. Asana has a fifty-two week low of $11.29 and a fifty-two week high of $23.44. The business has a 50 day moving average price of $13.64 and a two-hundred day moving average price of $14.62. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.13. The firm has a market cap of $2.69 billion, a PE ratio of -10.07 and a beta of 1.16.

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

Insider Buying and Selling

In other news, insider Eleanor B. Lacey sold 4,999 shares of the stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $12.95, for a total transaction of $64,737.05. Following the transaction, the insider now owns 384,150 shares of the company’s stock, valued at approximately $4,974,742.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Asana news, insider Eleanor B. Lacey sold 4,999 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $12.95, for a total transaction of $64,737.05. Following the completion of the sale, the insider now directly owns 384,150 shares in the company, valued at $4,974,742.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Tim M. Wan sold 5,000 shares of Asana stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $15.00, for a total value of $75,000.00. Following the completion of the transaction, 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 sold 84,443 shares of company stock worth $1,026,976. Corporate insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Several hedge funds and other institutional investors have recently bought and sold shares of ASAN. Headlands Technologies LLC raised its stake in shares of Asana by 327.9% in the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock valued at $41,000 after buying an additional 2,220 shares in the last quarter. Edmond DE Rothschild Holding S.A. boosted its position in Asana by 26.2% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 3,225 shares of the company’s stock valued at $61,000 after buying an additional 669 shares in the last quarter. Redwood Wealth Management Group LLC bought a new position in shares of Asana in the second quarter valued at approximately $65,000. Daiwa Securities Group Inc. grew its position in Asana by 26.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock worth $70,000 after acquiring an additional 1,028 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. grew its position in Asana by 139.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company’s stock worth $93,000 after acquiring an additional 3,885 shares during the last quarter. 26.21% of the stock is currently owned by institutional investors and hedge funds.

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.