Asana, Inc. (NYSE:ASAN) Receives Average Recommendation of "Hold" from Brokerages

Shares of Asana, Inc. (NYSE:ASAN - Get Free Report) have received an average recommendation of "Hold" from the fifteen brokerages that are covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $15.97.

ASAN has been the topic of a number of research reports. JMP Securities reaffirmed a "market outperform" rating and set a $22.00 price target on shares of Asana in a research note on Wednesday. Piper Sandler upped their price target on Asana from $17.00 to $19.00 and gave the stock an "overweight" rating in a research note on Wednesday. Morgan Stanley dropped their price target on Asana from $14.00 to $13.00 and set an "underweight" rating on the stock in a research note on Wednesday. Scotiabank upped their price target on Asana from $12.00 to $16.50 and gave the stock a "sector perform" rating in a research note on Wednesday. Finally, HSBC reissued a "reduce" rating and issued a $10.00 price objective (down from $13.00) on shares of Asana in a research note on Wednesday.

Asana Trading Down 2.6%

Shares of NYSE ASAN traded down $0.40 during trading on Wednesday, reaching $14.72. The company had a trading volume of 10,896,863 shares, compared to its average volume of 2,889,905. The stock has a market cap of $3.43 billion, a P/E ratio of -13.14 and a beta of 1.23. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The company's fifty day moving average price is $16.32 and its 200-day moving average price is $18.26. Asana has a 12 month low of $11.05 and a 12 month high of $27.77.

Asana (NYSE:ASAN - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $187.63 million for the quarter, compared to the consensus estimate of $185.40 million. Asana had a negative return on equity of 86.84% and a negative net margin of 36.17%. The firm's revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.06) EPS. As a group, research analysts expect that Asana will post -1.09 earnings per share for the current year.

Insider Activity at Asana

In related news, CEO Dustin A. Moskovitz purchased 50,000 shares of the business's stock in a transaction dated Tuesday, April 15th. The stock was purchased at an average cost of $15.84 per share, with a total value of $792,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 51,398,436 shares of the company's stock, valued at approximately $814,151,226.24. The trade was a 0.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Anne Raimondi sold 18,775 shares of the firm's stock in a transaction 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 transaction, the chief operating officer now directly owns 716,580 shares of the company's stock, valued at $10,053,617.40. The trade was a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders acquired 2,074,507 shares of company stock valued at $30,025,743. 61.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Asana

A number of large investors have recently made changes to their positions in the stock. Vident Advisory LLC purchased a new stake in shares of Asana in the fourth quarter worth $460,000. Ameriprise Financial Inc. purchased a new stake in Asana during the fourth quarter valued at about $352,000. Brooklyn FI LLC purchased a new position in shares of Asana in the fourth quarter worth about $8,138,000. Virtu Financial LLC purchased a new position in shares of Asana in the fourth quarter worth about $2,349,000. Finally, Meeder Asset Management Inc. increased its holdings in shares of Asana by 49.2% in the fourth quarter. Meeder Asset Management Inc. now owns 77,576 shares of the company's stock worth $1,572,000 after buying an additional 25,564 shares during the period. 26.21% of the stock is owned by institutional investors.

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.