Morgan Stanley Has Lowered Expectations for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN - Free Report) had its price objective decreased by Morgan Stanley from $15.00 to $14.00 in a research note published on Wednesday, Marketbeat reports. Morgan Stanley currently has an equal weight rating on the stock.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. lowered their price target on shares of Asana from $15.00 to $13.00 and set an "underweight" rating for the company in a research report on Tuesday, March 11th. Piper Sandler dropped their price target on Asana from $27.00 to $18.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 11th. Scotiabank reduced their price objective on Asana from $18.00 to $12.00 and set a "sector perform" rating for the company in a research report on Tuesday, March 11th. Bank of America cut their target price on Asana from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Tuesday, March 11th. Finally, DA Davidson lowered their price target on Asana from $20.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $15.60.

Asana Stock Down 3.2 %

Shares of NYSE ASAN traded down $0.48 during mid-day trading on Wednesday, hitting $14.36. 1,615,781 shares of the stock traded hands, compared to its average volume of 2,743,920. The company has a market cap of $3.35 billion, a price-to-earnings ratio of -12.82 and a beta of 1.23. The stock has a fifty day moving average price of $16.85 and a 200-day moving average price of $17.33. 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.

Insiders Place Their Bets

In related news, CEO Dustin A. Moskovitz purchased 50,000 shares of Asana stock in a transaction dated Tuesday, April 15th. The stock was purchased at an average cost of $15.84 per share, with a total value of $792,000.00. Following the transaction, the chief executive officer now owns 51,398,436 shares in the company, valued at approximately $814,151,226.24. The trade was a 0.10 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Anne Raimondi sold 18,775 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $14.03, for a total transaction of $263,413.25. Following the completion of the sale, the chief operating officer now owns 716,580 shares of the company's stock, 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 quarter, insiders acquired 2,074,507 shares of company stock worth $30,025,743 and sold 739,842 shares worth $15,155,503. 63.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Asana

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ASAN. Quarry LP acquired a new position in Asana in the 4th quarter worth about $29,000. Bogart Wealth LLC acquired a new position in Asana in the 4th quarter valued at about $61,000. SBI Securities Co. Ltd. purchased a new stake in Asana in the fourth quarter valued at $82,000. KBC Group NV lifted its position in Asana by 58.8% in the fourth quarter. KBC Group NV now owns 5,612 shares of the company's stock valued at $114,000 after buying an additional 2,078 shares during the last quarter. Finally, State of Tennessee Department of Treasury purchased a new position in shares of Asana during the 4th quarter worth approximately $135,000. Hedge funds and other institutional investors own 26.21% of the company's stock.

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.