Asana (NYSE:ASAN) Shares Gap Down on 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.

Other research analysts also recently issued research reports about the stock. Royal Bank of Canada restated an "underperform" rating and set a $10.00 price target on shares of Asana in a report on Wednesday. Scotiabank raised their price target on shares of Asana from $12.00 to $16.50 and gave the company a "sector perform" rating in a report on Wednesday. Piper Sandler raised their price target on shares of Asana from $17.00 to $19.00 and gave the company an "overweight" rating in a report on Wednesday. UBS Group raised their price target on shares of Asana from $14.00 to $18.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, Jefferies Financial Group dropped their target price on shares of Asana from $19.00 to $15.00 and set a "hold" rating on the stock in a report on Tuesday, March 11th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $15.97.

Insider Activity

In other Asana news, CEO Dustin A. Moskovitz bought 225,000 shares of the firm's stock in a transaction dated Thursday, March 13th. The shares were acquired at an average cost of $12.91 per share, for a total transaction of $2,904,750.00. Following the transaction, the chief executive officer now owns 48,123,436 shares in the company, valued at approximately $621,273,558.76. The trade was a 0.47% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Anne Raimondi sold 18,775 shares of Asana stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $14.03, for a total transaction of $263,413.25. Following the sale, the chief operating officer now owns 716,580 shares in the company, valued at approximately $10,053,617.40. This trade represents a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have acquired 2,074,507 shares of company stock worth $30,025,743. Corporate insiders own 61.28% of the company's stock.

Hedge Funds Weigh In On Asana

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vise Technologies Inc. boosted its position in Asana by 6.5% in the fourth quarter. Vise Technologies Inc. now owns 15,809 shares of the company's stock valued at $320,000 after buying an additional 959 shares in the last quarter. SG Americas Securities LLC boosted its position in Asana by 3.1% in the first quarter. SG Americas Securities LLC now owns 32,460 shares of the company's stock valued at $473,000 after buying an additional 974 shares in the last quarter. Quarry LP acquired a new position in Asana in the fourth quarter valued at about $29,000. Retirement Planning Co of New England Inc. boosted its position in Asana by 12.7% in the first quarter. Retirement Planning Co of New England Inc. now owns 16,512 shares of the company's stock valued at $241,000 after buying an additional 1,855 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new position in Asana in the first quarter valued at about $28,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

Asana Stock Performance

The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of -13.14 and a beta of 1.23. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The stock's 50-day simple moving average is $16.32 and its 200 day simple moving average is $18.26.

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 analysts' consensus estimates 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 company's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.06) earnings per share. Analysts expect that Asana, Inc. will post -1.09 earnings per share for the current fiscal year.

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.