Asana (NYSE:ASAN) Stock Price Expected to Rise, Piper Sandler Analyst Says

Asana (NYSE:ASAN - Get Free Report) had its price objective lifted by analysts at Piper Sandler from $17.00 to $19.00 in a report released on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's target price points to a potential upside of 29.12% from the stock's current price.

A number of other equities research analysts have also weighed in on the company. Jefferies Financial Group lowered their target price on Asana from $19.00 to $15.00 and set a "hold" rating for the company in a research note on Tuesday, March 11th. DA Davidson cut their target price on shares of Asana from $20.00 to $12.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. 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 report on Tuesday, March 11th. Morgan Stanley lowered shares of Asana from an "equal weight" rating to an "underweight" rating and set a $14.00 price target on the stock. in a report on Tuesday, May 20th. Finally, Scotiabank lowered their price objective on shares of Asana from $18.00 to $12.00 and set a "sector perform" rating for the company in a research note on Tuesday, March 11th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $15.97.

Asana Price Performance

Shares of ASAN traded down $0.40 during mid-day trading on Wednesday, reaching $14.72. 10,896,863 shares of the stock traded hands, compared to its average volume of 2,889,928. The company has a market cap of $3.43 billion, a price-to-earnings ratio of -13.14 and a beta of 1.23. Asana has a 1 year low of $11.05 and a 1 year high of $27.77. The firm has a fifty day moving average price of $16.32 and a 200 day moving average price of $18.26. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17.

Asana (NYSE:ASAN - Get Free Report) last issued its quarterly earnings results on Tuesday, June 3rd. The company reported $0.05 EPS for the quarter, topping 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 firm had revenue of $187.63 million for the quarter, compared to analyst estimates of $185.40 million. During the same quarter in the prior year, the firm earned ($0.06) EPS. The business's revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities research analysts predict that Asana will post -1.09 earnings per share for the current year.

Insider Activity at Asana

In related news, 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 value of $263,413.25. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $322,250.00. Following the sale, the director now directly owns 922,309 shares of the company's stock, valued at approximately $11,888,563.01. This represents a 2.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased a total of 2,074,507 shares of company stock valued at $30,025,743 in the last 90 days. Corporate insiders own 61.28% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership bought a new position in Asana in the 4th quarter worth $38,966,000. Acadian Asset Management LLC increased its position in Asana by 8,850.6% in the first quarter. Acadian Asset Management LLC now owns 1,164,378 shares of the company's stock worth $16,950,000 after buying an additional 1,151,369 shares in the last quarter. Paradice Investment Management LLC purchased a new stake in Asana in the fourth quarter worth about $22,507,000. Two Sigma Investments LP raised its stake in shares of Asana by 288.1% in the fourth quarter. Two Sigma Investments LP now owns 1,405,088 shares of the company's stock worth $28,481,000 after buying an additional 1,043,047 shares during the period. Finally, Voya Investment Management LLC lifted its position in shares of Asana by 8.1% during the 4th quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company's stock valued at $254,166,000 after buying an additional 937,726 shares in the last quarter. 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.