Asana (NYSE:ASAN) Earns "Reduce" Rating from HSBC

Asana (NYSE:ASAN - Get Free Report)'s stock had its "reduce" rating reissued by analysts at HSBC in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They presently have a $10.00 price objective on the stock, down from their prior price objective of $13.00. HSBC's target price would indicate a potential downside of 32.04% from the stock's previous close.

Several other analysts have also issued reports on ASAN. DA Davidson reduced their target price on shares of Asana from $20.00 to $12.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. Jefferies Financial Group boosted their price target on shares of Asana from $15.00 to $17.00 and gave the stock a "hold" rating in a report on Wednesday. KeyCorp reaffirmed a "sector weight" rating on shares of Asana in a report on Wednesday. Scotiabank upped their price objective on shares of Asana from $12.00 to $16.50 and gave the company a "sector perform" rating in a report on Wednesday. Finally, Bank of America dropped their price objective on shares of Asana from $23.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $15.97.

Asana Stock Down 2.6%

ASAN stock traded down $0.40 during midday trading on Wednesday, reaching $14.72. 10,896,863 shares of the company's stock traded hands, compared to its average volume of 2,892,673. The company has a market cap of $3.43 billion, a price-to-earnings ratio of -13.14 and a beta of 1.23. The firm's fifty day moving average price is $16.32 and its 200-day moving average price is $18.26. 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 has a 52 week low of $11.05 and a 52 week high of $27.77.

Asana (NYSE:ASAN - Get Free Report) last announced 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. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%. The business had revenue of $187.63 million during the quarter, compared to analyst estimates of $185.40 million. During the same quarter in the previous year, the business posted ($0.06) EPS. Asana's quarterly revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts forecast that Asana will post -1.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Justin Rosenstein sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $12.89, for a total value 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 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 the SEC website. Also, COO Anne Raimondi sold 18,775 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $14.03, for a total transaction of $263,413.25. Following the completion of the transaction, 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. Over the last three months, insiders have purchased 2,074,507 shares of company stock worth $30,025,743. Insiders own 61.28% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Voya Investment Management LLC grew its position in Asana by 8.1% during the fourth quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company's stock valued at $254,166,000 after acquiring an additional 937,726 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Asana by 4.7% in the first quarter. Vanguard Group Inc. now owns 10,656,214 shares of the company's stock valued at $155,261,000 after acquiring an additional 475,100 shares in the last quarter. Voloridge Investment Management LLC lifted its position in Asana by 25.6% during the fourth quarter. Voloridge Investment Management LLC now owns 2,149,680 shares of the company's stock valued at $43,574,000 after buying an additional 438,057 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Asana during the fourth quarter valued at $38,966,000. Finally, First Trust Advisors LP lifted its position in Asana by 17.6% during the fourth quarter. First Trust Advisors LP now owns 1,743,981 shares of the company's stock valued at $35,350,000 after buying an additional 261,298 shares during the period. 26.21% of the stock is currently owned by institutional investors.

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.