Robert W. Baird Forecasts Strong Price Appreciation for Asana (NYSE:ASAN) Stock

Asana (NYSE:ASAN - Get Free Report) had its target price boosted by research analysts at Robert W. Baird from $13.00 to $15.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Robert W. Baird's target price would suggest a potential upside of 1.94% from the company's current price.

ASAN has been the topic of a number of other reports. Morgan Stanley downgraded shares of Asana from an "equal weight" rating to an "underweight" rating and set a $14.00 price target on the stock. in a research report on Tuesday, May 20th. JPMorgan Chase & Co. cut their price target on shares of Asana from $15.00 to $13.00 and set an "underweight" rating on the stock in a research report on Tuesday, March 11th. JMP Securities reaffirmed a "market outperform" rating and issued a $22.00 price target on shares of Asana in a research note on Wednesday. DA Davidson reduced their price target on shares of Asana from $20.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. Finally, Piper Sandler increased their price objective on shares of Asana from $17.00 to $19.00 and gave the stock an "overweight" rating in a research report on Wednesday. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $15.97.

Asana Price Performance

NYSE:ASAN traded down $0.40 during mid-day trading on Wednesday, reaching $14.72. 10,896,863 shares of the company were exchanged, compared to its average volume of 2,892,673. Asana has a 12 month low of $11.05 and a 12 month high of $27.77. The company has a fifty day moving average of $16.32 and a 200 day moving average of $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. The stock has a market cap of $3.43 billion, a PE ratio of -13.14 and a beta of 1.23.

Asana (NYSE:ASAN - Get Free Report) last issued its earnings results on Tuesday, June 3rd. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.03. The company had revenue of $187.63 million for the quarter, compared to analyst estimates of $185.40 million. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%. The company's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) EPS. On average, research analysts anticipate that Asana will post -1.09 EPS for the current fiscal year.

Insider Activity

In other Asana news, Director Justin Rosenstein sold 25,000 shares of Asana stock in a transaction 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 completion of the transaction, the director now directly owns 922,309 shares of the company's stock, valued at $11,888,563.01. The trade was a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Dustin A. Moskovitz acquired 225,000 shares of Asana stock in a transaction on Monday, March 17th. The shares were bought at an average cost of $14.02 per share, with a total value of $3,154,500.00. Following the completion of the transaction, the chief executive officer now owns 48,573,436 shares of the company's stock, valued at approximately $680,999,572.72. This trade represents a 0.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 2,074,507 shares of company stock worth $30,025,743 over the last ninety days. Insiders own 61.28% of the company's stock.

Hedge Funds Weigh In On Asana

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its position in Asana by 3.1% during the first quarter. Rhumbline Advisers now owns 125,556 shares of the company's stock worth $1,829,000 after purchasing an additional 3,739 shares during the period. Strs Ohio bought a new stake in shares of Asana in the first quarter valued at about $195,000. Acadian Asset Management LLC boosted its position in shares of Asana by 8,850.6% in the first quarter. Acadian Asset Management LLC now owns 1,164,378 shares of the company's stock valued at $16,950,000 after acquiring an additional 1,151,369 shares during the period. Bayforest Capital Ltd boosted its position in shares of Asana by 205.9% in the first quarter. Bayforest Capital Ltd now owns 20,614 shares of the company's stock valued at $300,000 after acquiring an additional 13,875 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Asana by 14.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,733 shares of the company's stock valued at $3,770,000 after acquiring an additional 32,708 shares during the period. 26.21% of the stock is owned by institutional investors.

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.