Bank of America Has Lowered Expectations for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN - Free Report) had its target price trimmed by Bank of America from $23.00 to $21.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts also recently issued research reports about the stock. Scotiabank lowered their price target on shares of Asana from $18.00 to $12.00 and set a "sector perform" rating for the company in a report on Tuesday, March 11th. Jefferies Financial Group lowered their price target on shares of Asana from $19.00 to $15.00 and set a "hold" rating for the company in a report on Tuesday, March 11th. UBS Group reduced their price objective on shares of Asana from $18.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 11th. Morgan Stanley lowered shares of Asana from an "equal weight" rating to an "underweight" rating and set a $14.00 price objective on the stock. in a research report on Tuesday, May 20th. Finally, Piper Sandler increased their price objective on shares of Asana from $17.00 to $19.00 and gave the stock an "overweight" rating in a research report on Wednesday. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Asana presently has an average rating of "Hold" and a consensus price target of $15.97.

Asana Stock Performance

Shares of NYSE:ASAN traded down $0.40 during midday trading on Wednesday, hitting $14.72. The company had a trading volume of 10,896,863 shares, compared to its average volume of 2,892,673. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market cap of $3.43 billion, a price-to-earnings ratio of -13.14 and a beta of 1.23. Asana has a 12-month low of $11.05 and a 12-month high of $27.77. The company has a fifty day moving average of $16.32 and a two-hundred day moving average of $18.26.

Asana (NYSE:ASAN - Get Free Report) last released its quarterly earnings data on Tuesday, June 3rd. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.02 by $0.03. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%. The business had revenue of $187.63 million during the quarter, compared to the consensus estimate of $185.40 million. During the same quarter in the prior year, the firm earned ($0.06) EPS. The business's revenue was up 8.6% on a year-over-year basis. On average, equities research analysts expect that Asana will post -1.09 EPS for the current fiscal year.

Insider Buying and Selling at Asana

In related news, COO Anne Raimondi sold 18,775 shares of the business's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $14.03, for a total transaction of $263,413.25. Following the completion of the transaction, the chief operating officer now directly owns 716,580 shares in the company, valued at $10,053,617.40. The trade was a 2.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Dustin A. Moskovitz purchased 225,000 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average cost of $12.91 per share, for a total transaction of $2,904,750.00. Following the purchase, the chief executive officer now directly owns 48,123,436 shares in the company, valued at $621,273,558.76. This trade represents a 0.47% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 2,074,507 shares of company stock worth $30,025,743 over the last three months. Corporate insiders own 61.28% of the company's stock.

Institutional Investors Weigh In On Asana

A number of institutional investors have recently added to or reduced their stakes in ASAN. Rhumbline Advisers increased its stake in shares of Asana by 3.1% during the first quarter. Rhumbline Advisers now owns 125,556 shares of the company's stock worth $1,829,000 after purchasing an additional 3,739 shares in the last quarter. Strs Ohio purchased a new stake in shares of Asana during the first quarter worth about $195,000. Acadian Asset Management LLC increased its stake in shares of Asana by 8,850.6% during the first quarter. Acadian Asset Management LLC now owns 1,164,378 shares of the company's stock worth $16,950,000 after purchasing an additional 1,151,369 shares in the last quarter. Bayforest Capital Ltd increased its stake in shares of Asana by 205.9% during the first quarter. Bayforest Capital Ltd now owns 20,614 shares of the company's stock worth $300,000 after purchasing an additional 13,875 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Asana by 14.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,733 shares of the company's stock worth $3,770,000 after purchasing an additional 32,708 shares in the last quarter. Institutional investors and hedge funds 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.