Asana (NYSE:ASAN) Shares Gap Down After Analyst Downgrade

Asana, Inc. (NYSE:ASAN - Get Free Report)'s share price gapped down prior to trading on Wednesday after Morgan Stanley lowered their price target on the stock from $14.00 to $13.00. The stock had previously closed at $19.00, but opened at $16.70. Morgan Stanley currently has an underweight rating on the stock. Asana shares last traded at $16.04, with a volume of 4,405,617 shares traded.

Several other research analysts have also recently weighed in on ASAN. KeyCorp reiterated a "sector weight" rating on shares of Asana in a report on Wednesday. UBS Group upped their target price on shares of Asana from $14.00 to $18.00 and gave the stock a "neutral" rating in a research note on Wednesday. Bank of America dropped their price target on Asana from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday. Robert W. Baird boosted their price target on Asana from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, JMP Securities reiterated a "market outperform" rating and set a $22.00 price objective on shares of Asana in a report on Wednesday. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Asana currently has an average rating of "Hold" and a consensus price target of $15.97.

Insider Activity at Asana

In related news, Director Justin Rosenstein sold 25,000 shares of the business'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 transaction, the director now directly owns 922,309 shares in the company, valued at approximately $11,888,563.01. The trade was a 2.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Dustin A. Moskovitz purchased 225,000 shares of the company's stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $12.91 per share, for a total transaction of $2,904,750.00. Following the completion of the transaction, the chief executive officer now directly owns 48,123,436 shares of the company's stock, valued at approximately $621,273,558.76. This represents a 0.47% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 2,074,507 shares of company stock valued at $30,025,743. Insiders own 61.28% of the company's stock.

Institutional Trading of Asana

Large investors have recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise acquired a new position in shares of Asana during the 1st quarter worth about $28,000. Quarry LP acquired a new stake in Asana in the 4th quarter valued at about $29,000. AlphaQuest LLC grew its holdings in Asana by 825.1% during the first 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 acquired a new position in Asana during the fourth quarter worth approximately $61,000. Finally, SBI Securities Co. Ltd. acquired a new position in Asana during the fourth quarter worth approximately $82,000. Institutional investors and hedge funds own 26.21% of the company's stock.

Asana Stock Up 1.0%

The stock has a market cap of $3.47 billion, a P/E ratio of -13.28 and a beta of 1.23. The firm has a 50 day simple moving average of $16.31 and a 200-day simple moving average of $18.30. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17.

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

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.