FBN Securities Upgrades Asana (NYSE:ASAN) to Strong-Buy

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

Several other research firms also recently issued reports on ASAN. UBS Group boosted their price objective on Asana from $14.00 to $18.00 and gave the stock a "neutral" rating in a report on Wednesday, June 4th. HSBC restated a "reduce" rating and set a $10.00 price objective (down previously from $13.00) on shares of Asana in a report on Wednesday, June 4th. Jefferies Financial Group boosted their price objective on Asana from $15.00 to $17.00 and gave the stock a "hold" rating in a report on Wednesday, June 4th. Piper Sandler increased their price objective on Asana from $17.00 to $19.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Finally, Royal Bank of Canada reiterated an "underperform" rating and issued a $10.00 target price on shares of Asana in a report on Wednesday, June 4th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $15.97.

Asana Stock Performance

Shares of NYSE ASAN traded down $0.22 during midday trading on Wednesday, reaching $14.66. 4,198,312 shares of the company traded hands, compared to its average volume of 2,920,800. 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 $3.42 billion, a price-to-earnings ratio of -13.09 and a beta of 1.23. The stock has a 50-day moving average price of $16.31 and a 200 day moving average price of $18.33. Asana has a 52 week low of $11.05 and a 52 week high of $27.77.

Asana (NYSE:ASAN - Get Free Report) last issued its quarterly earnings results on Tuesday, June 3rd. The company reported $0.05 EPS for the quarter, topping 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 firm had revenue of $187.63 million for the quarter, compared to analysts' expectations of $185.40 million. During the same period in the previous year, the business earned ($0.06) earnings per share. Asana's revenue for the quarter was up 8.6% compared to the same quarter last year. Sell-side analysts anticipate that Asana will post -1.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Anne Raimondi sold 18,775 shares of the company's stock in a transaction dated 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 sale, the chief operating officer now directly owns 716,580 shares of the company's stock, valued at $10,053,617.40. This represents a 2.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Dustin A. Moskovitz acquired 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The stock was acquired at an average price of $15.84 per share, with a total value of $792,000.00. Following the completion of the transaction, the chief executive officer now directly owns 51,398,436 shares in the company, valued at $814,151,226.24. This trade represents a 0.10% 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. 61.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Asana

Large investors have recently bought and sold shares of the company. Banque Cantonale Vaudoise acquired a new position in Asana during the 1st quarter worth approximately $28,000. Quarry LP bought a new stake in shares of Asana during the 4th quarter worth approximately $29,000. AlphaQuest LLC raised its stake in shares of Asana by 825.1% during the 1st quarter. AlphaQuest LLC now owns 2,470 shares of the company's stock worth $36,000 after purchasing an additional 2,203 shares in the last quarter. Bogart Wealth LLC bought a new stake in shares of Asana during the 4th quarter worth approximately $61,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Asana during the 4th quarter worth approximately $82,000. 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.