Asana (NYSE:ASAN) Rating Increased to Buy at Wall Street Zen

Asana (NYSE:ASAN - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Friday.

ASAN has been the topic of several other research reports. Jefferies Financial Group raised their target price on shares of Asana from $15.00 to $17.00 and gave the stock a "hold" rating in a report on Wednesday. FBN Securities upgraded shares of Asana to a "strong-buy" rating in a research report on Wednesday. Scotiabank upped their price objective on Asana from $12.00 to $16.50 and gave the stock a "sector perform" rating in a research note on Wednesday. Royal Bank of Canada reiterated an "underperform" rating and issued a $10.00 price target on shares of Asana in a report on Wednesday. Finally, Piper Sandler upped their price objective on Asana from $17.00 to $19.00 and gave the stock an "overweight" rating in a report on Wednesday. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Asana currently has a consensus rating of "Hold" and an average price target of $15.97.

Asana Stock Up 1.0%

Shares of ASAN traded up $0.15 during mid-day trading on Friday, reaching $14.87. The company had a trading volume of 5,995,751 shares, compared to its average volume of 2,909,278. The firm has a 50-day moving average price of $16.31 and a 200 day moving average price of $18.27. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of -13.28 and a beta of 1.23. Asana has a 52 week low of $11.05 and a 52 week high of $27.77. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49.

Asana (NYSE:ASAN - Get Free Report) last issued its earnings results on Tuesday, June 3rd. The company reported $0.05 earnings per share (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 the consensus estimate of $185.40 million. During the same quarter in the prior year, the firm posted ($0.06) earnings per share. The business's revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts forecast that Asana will post -1.09 EPS for the current year.

Insider Transactions at Asana

In other news, Director Justin Rosenstein sold 25,000 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 922,309 shares in the company, valued at approximately $11,888,563.01. This trade represents a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Anne Raimondi sold 18,775 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $14.03, for a total value of $263,413.25. Following the sale, the chief operating officer now directly owns 716,580 shares in the company, valued at $10,053,617.40. This trade represents a 2.55% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 2,074,507 shares of company stock worth $30,025,743. 61.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Asana

A number of large investors have recently added to or reduced their stakes in ASAN. Banque Cantonale Vaudoise acquired a new position in shares of Asana during the first quarter worth $28,000. Quarry LP purchased a new stake in shares of Asana in the fourth quarter worth about $29,000. AlphaQuest LLC grew 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 during the period. Bogart Wealth LLC purchased a new position in Asana in the fourth quarter valued at $61,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Asana in the 4th quarter valued at about $82,000. 26.21% of the stock is currently owned by institutional investors.

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.

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