Asana (NYSE:ASAN) Given New $16.50 Price Target at Scotiabank

Asana (NYSE:ASAN - Free Report) had its target price raised by Scotiabank from $12.00 to $16.50 in a report released on Wednesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

A number of other brokerages also recently issued reports on ASAN. Piper Sandler upped their price objective on Asana from $17.00 to $19.00 and gave the company an "overweight" rating in a research note on Wednesday. JMP Securities restated a "market outperform" rating and set a $22.00 price objective on shares of Asana in a report on Wednesday. KeyCorp reaffirmed a "sector weight" rating on shares of Asana in a research report on Wednesday. Bank of America lowered their price objective on shares of Asana from $23.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. lowered their price objective 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. Four investment 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's stock. Based on data from MarketBeat, Asana has an average rating of "Hold" and a consensus target price of $15.97.

Asana Stock Down 2.6%

ASAN traded down $0.40 during mid-day trading on Wednesday, reaching $14.72. 10,896,863 shares of the stock were exchanged, compared to its average volume of 2,892,673. Asana has a 1 year low of $11.05 and a 1 year 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. The stock has a market capitalization of $3.43 billion, a PE ratio of -13.14 and a beta of 1.23. The company has a 50 day moving average price of $16.32 and a two-hundred day moving average price of $18.26.

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

Insider Activity

In other Asana news, Director Justin Rosenstein sold 25,000 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $12.89, for a total value of $322,250.00. Following the transaction, the director now directly owns 922,309 shares in the company, valued at $11,888,563.01. This represents a 2.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Anne Raimondi sold 18,775 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $14.03, for a total value of $263,413.25. Following the transaction, the chief operating officer now directly owns 716,580 shares of the company's stock, valued at $10,053,617.40. The trade was a 2.55% decrease in their position. The disclosure for this sale can be found here. Insiders have acquired a total of 2,074,507 shares of company stock valued at $30,025,743 over the last quarter. Company 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 bought and sold shares of the stock. Vise Technologies Inc. grew its stake in Asana by 6.5% in the 4th quarter. Vise Technologies Inc. now owns 15,809 shares of the company's stock worth $320,000 after buying an additional 959 shares in the last quarter. SG Americas Securities LLC grew its stake in Asana by 3.1% in the 1st quarter. SG Americas Securities LLC now owns 32,460 shares of the company's stock worth $473,000 after buying an additional 974 shares in the last quarter. Quarry LP purchased a new position in Asana in the 4th quarter worth approximately $29,000. Retirement Planning Co of New England Inc. grew its stake in Asana by 12.7% in the 1st quarter. Retirement Planning Co of New England Inc. now owns 16,512 shares of the company's stock worth $241,000 after buying an additional 1,855 shares in the last quarter. Finally, Banque Cantonale Vaudoise purchased a new position in Asana in the 1st quarter worth approximately $28,000. Hedge funds and other institutional investors 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.