Morgan Stanley Cuts Asana (NYSE:ASAN) Price Target to $13.00

Asana (NYSE:ASAN - Free Report) had its price target cut by Morgan Stanley from $14.00 to $13.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an underweight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Bank of America decreased their price target on shares of Asana from $23.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday. UBS Group upped 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. Scotiabank upped 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. Jefferies Financial Group decreased their price target on shares of Asana from $19.00 to $15.00 and set a "hold" rating for the company in a report on Tuesday, March 11th. Finally, JMP Securities restated a "market outperform" rating and set a $22.00 price target on shares of Asana 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $15.97.

Asana Stock Down 2.6%

NYSE:ASAN traded down $0.40 during trading hours on Wednesday, hitting $14.72. 10,896,863 shares of the stock traded hands, compared to its average volume of 2,892,673. Asana has a fifty-two week low of $11.05 and a fifty-two week high of $27.77. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of -13.14 and a beta of 1.23. The firm has a 50 day moving average price of $16.32 and a 200 day moving average price of $18.26.

Asana (NYSE:ASAN - Get Free Report) last posted its quarterly 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. The business had revenue of $187.63 million for the quarter, compared to the consensus estimate of $185.40 million. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%. Asana's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.06) earnings per share. Equities research analysts anticipate that Asana will post -1.09 earnings per share for the current year.

Insider Activity

In related news, COO Anne Raimondi sold 18,775 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $14.03, for a total value of $263,413.25. Following the completion of the transaction, the chief operating officer now owns 716,580 shares of the company's stock, valued at $10,053,617.40. This represents a 2.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Dustin A. Moskovitz purchased 225,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was acquired at an average cost of $14.02 per share, with a total value of $3,154,500.00. Following the transaction, the chief executive officer now directly owns 48,573,436 shares of the company's stock, valued at approximately $680,999,572.72. This represents a 0.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 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 Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ASAN. Banque Cantonale Vaudoise acquired a new position in Asana in the first quarter worth about $28,000. Quarry LP acquired a new stake in shares of Asana during the fourth quarter worth approximately $29,000. AlphaQuest LLC increased its holdings in shares of Asana by 825.1% during the first quarter. AlphaQuest LLC now owns 2,470 shares of the company's stock worth $36,000 after buying an additional 2,203 shares in the last quarter. Bogart Wealth LLC acquired a new stake in shares of Asana during the fourth quarter worth approximately $61,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Asana during the fourth quarter worth approximately $82,000. Institutional investors and hedge funds own 26.21% of the company's stock.

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.