Asana (NYSE:ASAN) Stock Rating Lowered by Piper Sandler

Key Points

• Piper Sandler downgraded Asana from "overweight" to "hold" with a $7 price target (≈27% upside), while other firms have cut targets and MarketBeat shows an average analyst rating of "Hold" with an average target of $12.32.
• Asana slightly beat the quarter (EPS $0.08 vs. $0.07; revenue $205.6M, +9.2% YoY) but remains unprofitable (ROE -77.05%, net margin -23.9%), and the stock opened at $5.51 (down ~5%), trading near its 12‑month low with 50‑/200‑day SMAs of $7 and $11.
• Company insiders sold about 70,226 shares last quarter (including CFO sales) though insiders still own 61.28% of shares, while several institutional investors materially increased positions (e.g., Goldman, Jupiter, Marshall Wace, Arrowstreet).

Asana (NYSE:ASAN - Get Free Report) was downgraded by stock analysts at Piper Sandler from an "overweight" rating to a "hold" rating in a research note issued to investors on Tuesday, MarketBeat.com reports. They currently have a $7.00 price objective on the stock. Piper Sandler's target price would indicate a potential upside of 27.04% from the company's current price.

Other research analysts have also issued research reports about the company. Morgan Stanley dropped their target price on Asana from $14.00 to $8.00 and set an "underweight" rating on the stock in a report on Tuesday, March 3rd. BTIG Research began coverage on Asana in a report on Tuesday, December 16th. They issued a "neutral" rating on the stock. HSBC set a $8.00 target price on Asana in a report on Friday, February 13th. Jefferies Financial Group dropped their target price on Asana from $15.00 to $8.00 and set a "hold" rating on the stock in a report on Monday, February 23rd. Finally, Royal Bank Of Canada raised Asana from an "underperform" rating to a "sector perform" rating and set a $7.00 target price on the stock in a report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Asana has an average rating of "Hold" and an average target price of $12.32.

Asana Trading Down 5.0%

NYSE:ASAN opened at $5.51 on Tuesday. The firm has a market cap of $1.31 billion, a P/E ratio of -6.89 and a beta of 1.08. The stock's 50 day simple moving average is $7.00 and its 200-day simple moving average is $11.00. Asana has a 12-month low of $5.38 and a 12-month high of $19.00.

Asana (NYSE:ASAN - Get Free Report) last released its earnings results on Monday, March 2nd. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. The business had revenue of $205.57 million for the quarter, compared to analyst estimates of $205.13 million. Asana had a negative return on equity of 77.05% and a negative net margin of 23.90%.The business's revenue was up 9.2% on a year-over-year basis. Research analysts forecast that Asana will post -1.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Sonalee Elizabeth Parekh sold 34,151 shares of the company's stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.65, for a total transaction of $227,104.15. Following the transaction, the chief financial officer owned 933,998 shares of the company's stock, valued at $6,211,086.70. This represents a 3.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Veronica Sosa sold 6,479 shares of the company's stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.65, for a total value of $43,085.35. Following the transaction, the chief accounting officer directly owned 73,722 shares in the company, valued at $490,251.30. This represents a 8.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 70,226 shares of company stock valued at $472,065 over the last quarter. Company insiders own 61.28% of the company's stock.

Institutional Trading of Asana

A number of institutional investors have recently bought and sold shares of ASAN. Jupiter Asset Management Ltd. boosted its position in Asana by 705.6% during the fourth quarter. Jupiter Asset Management Ltd. now owns 1,374,891 shares of the company's stock worth $18,850,000 after purchasing an additional 1,204,232 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Asana by 53.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,791,902 shares of the company's stock worth $38,277,000 after purchasing an additional 977,107 shares in the last quarter. Marshall Wace LLP boosted its position in Asana by 35.1% during the fourth quarter. Marshall Wace LLP now owns 2,653,145 shares of the company's stock worth $36,375,000 after purchasing an additional 689,546 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Asana by 12.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,214,591 shares of the company's stock worth $71,492,000 after purchasing an additional 565,681 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in Asana by 94.7% during the fourth quarter. Federated Hermes Inc. now owns 804,743 shares of the company's stock worth $11,033,000 after purchasing an additional 391,412 shares in the last quarter. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Asana Company Profile

Asana, Inc NYSE: ASAN is a leading provider of work management and collaboration software designed to help teams organize, track and manage their work. Founded in 2008 by Dustin Moskovitz and Justin Rosenstein, Asana's platform enables users to create projects, assign tasks, set deadlines and visualize progress across diverse workflows. The company's cloud-based solution includes customizable project templates, timeline views, boards and automated rules that streamline routine processes and reduce manual effort.

Built for both small teams and large enterprises, Asana supports integrations with a wide array of third-party applications, including communication tools, file-sharing services and DevOps platforms.

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