Asana (NYSE:ASAN) Stock Rating Lowered by Wall Street Zen

Key Points

• Asana was downgraded from a "buy" to a "hold" rating by Wall Street Zen, indicating a cautious outlook among analysts.
• Despite the downgrade, analysts have varying opinions, with price targets ranging from $15.00 to $22.00, reflecting a mixed sentiment about the stock's potential.
• Insiders have shown active trading behavior, with significant purchases and sales of shares, highlighting potential confidence or concerns regarding the company's future performance.

Asana (NYSE:ASAN - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

Other research analysts have also issued research reports about the stock. KeyCorp reissued a "sector weight" rating on shares of Asana in a research report on Wednesday, June 4th. Royal Bank Of Canada reissued an "underperform" rating and issued a $10.00 price target on shares of Asana in a research report on Wednesday, June 4th. Scotiabank raised their price objective on shares of Asana from $12.00 to $16.50 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. UBS Group increased their price target on shares of Asana from $14.00 to $18.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Finally, HSBC reaffirmed a "reduce" rating and issued a $10.00 price objective (down from $13.00) on shares of Asana in a research note on Wednesday, June 4th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Asana presently has an average rating of "Hold" and an average target price of $15.97.

Asana Stock Down 5.5%

NYSE:ASAN traded down $0.75 during trading hours on Friday, reaching $12.80. The company's stock had a trading volume of 5,794,232 shares, compared to its average volume of 3,448,305. The company has a market cap of $3.01 billion, a price-to-earnings ratio of -12.80 and a beta of 1.14. Asana has a one year low of $11.05 and a one year high of $27.77. The business's 50-day moving average is $14.33 and its 200-day moving average is $16.42. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.47 and a quick ratio of 1.47.

Asana (NYSE:ASAN - Get Free Report) last released its quarterly 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 net margin of 31.38% and a negative return on equity of 87.78%. The company had revenue of $187.63 million during the quarter, compared to analysts' expectations of $185.40 million. During the same period in the prior year, the company earned ($0.06) earnings per share. The business's quarterly revenue was up 8.6% compared to the same quarter last year. Equities research analysts predict that Asana will post -1.09 EPS for the current year.

Insiders Place Their Bets

In related news, Director Dustin A. Moskovitz acquired 223,905 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average cost of $14.10 per share, for a total transaction of $3,157,060.50. Following the completion of the acquisition, the director directly owned 55,979,904 shares in the company, valued at approximately $789,316,646.40. The trade was a 0.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Justin Rosenstein sold 517,635 shares of Asana stock in a transaction on Monday, July 28th. The shares were sold at an average price of $15.04, for a total transaction of $7,785,230.40. Following the completion of the sale, the director owned 3,210,398 shares in the company, valued at $48,284,385.92. The trade was a 13.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 3,456,468 shares of company stock worth $49,639,464 and have sold 3,033,130 shares worth $45,552,218. Company insiders own 61.28% of the company's stock.

Institutional Trading of Asana

Several hedge funds and other institutional investors have recently modified their holdings of ASAN. Acadian Asset Management LLC boosted its holdings in shares of Asana by 8,850.6% during the 1st quarter. Acadian Asset Management LLC now owns 1,164,378 shares of the company's stock worth $16,950,000 after buying an additional 1,151,369 shares during the period. Two Sigma Investments LP boosted its holdings in Asana by 288.1% in the 4th quarter. Two Sigma Investments LP now owns 1,405,088 shares of the company's stock valued at $28,481,000 after purchasing an additional 1,043,047 shares during the period. Voya Investment Management LLC boosted its holdings in Asana by 8.1% in the 4th quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company's stock valued at $254,166,000 after purchasing an additional 937,726 shares during the period. Woodline Partners LP boosted its holdings in Asana by 700.1% in the 1st quarter. Woodline Partners LP now owns 688,713 shares of the company's stock valued at $10,035,000 after purchasing an additional 602,638 shares during the period. Finally, Nuveen LLC bought a new stake in Asana in the 1st quarter valued at about $8,419,000. Institutional investors 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.