Asana (NYSE:ASAN) Raised to "Strong-Buy" at FBN Securities

Asana (NYSE:ASAN - Get Free Report) was upgraded by stock analysts at FBN Securities to a "strong-buy" rating in a research note issued on Wednesday,Zacks.com reports.

A number of other research firms have also recently commented on ASAN. UBS Group upped their price target on Asana from $14.00 to $18.00 and gave the stock a "neutral" rating 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. JMP Securities restated a "market outperform" rating and set a $22.00 price target on shares of Asana in a research note on Wednesday. KeyCorp restated a "sector weight" rating on shares of Asana in a research note on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on Asana from $13.00 to $14.00 and gave the stock an "underweight" rating in a research note on Wednesday. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Asana currently has an average rating of "Hold" and an average target price of $15.97.

Asana Stock Down 2.6%

ASAN stock opened at $14.72 on Wednesday. The firm has a market cap of $3.43 billion, a PE ratio of -13.14 and a beta of 1.23. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. The firm's 50 day moving average price is $16.32 and its 200-day moving average price is $18.26. Asana has a one year low of $11.05 and a one year high of $27.77.

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

Insider Activity at Asana

In related news, CEO Dustin A. Moskovitz acquired 50,000 shares of the firm's stock in a transaction on Tuesday, April 15th. The stock was bought at an average price of $15.84 per share, for a total transaction of $792,000.00. Following the completion of the purchase, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Justin Rosenstein sold 25,000 shares of the company's stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $12.89, for a total transaction of $322,250.00. Following the completion of the transaction, the director now owns 922,309 shares of the company's stock, valued at $11,888,563.01. This represents a 2.64% decrease in their position. The disclosure for this sale can be found here. Insiders have acquired 2,074,507 shares of company stock valued at $30,025,743 over the last quarter. 61.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Asana

Several large investors have recently bought and sold shares of the stock. Rhumbline Advisers boosted its stake in Asana by 3.1% in the first quarter. Rhumbline Advisers now owns 125,556 shares of the company's stock valued at $1,829,000 after acquiring an additional 3,739 shares in the last quarter. Strs Ohio acquired a new position in Asana in the first quarter valued at $195,000. Acadian Asset Management LLC boosted its stake in Asana by 8,850.6% in the first quarter. Acadian Asset Management LLC now owns 1,164,378 shares of the company's stock valued at $16,950,000 after acquiring an additional 1,151,369 shares in the last quarter. Bayforest Capital Ltd boosted 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 buying an additional 13,875 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 buying an additional 32,708 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.