Asana’s (ASAN) “Underperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their underperform rating on shares of Asana (NYSE:ASAN) in a report released on Wednesday, Benzinga reports. The brokerage currently has a $10.00 price objective on the stock.

Other equities analysts have also issued research reports about the company. Piper Sandler dropped their price objective on Asana from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Morgan Stanley cut their price objective on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating for the company in a report on Tuesday, August 20th. KeyCorp lowered their target price on shares of Asana from $12.00 to $10.00 and set an “underweight” rating on the stock in a report on Wednesday, September 4th. Robert W. Baird cut their target price on shares of Asana from $20.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Asana has an average rating of “Hold” and a consensus target price of $14.21.

Asana Stock Performance

Shares of ASAN stock opened at $11.75 on Wednesday. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average price of $12.41 and a 200-day moving average price of $13.45. Asana has a 52 week low of $11.05 and a 52 week high of $23.44. The firm has a market capitalization of $2.68 billion, a PE ratio of -10.05 and a beta of 1.14.

Asana (NYSE:ASAN) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. Asana had a negative return on equity of 81.88% and a negative net margin of 37.73%. The firm had revenue of $179.21 million during the quarter, compared to analyst estimates of $177.68 million. During the same period in the prior year, the business posted ($0.31) EPS. Asana’s revenue was up 10.3% on a year-over-year basis. As a group, equities research analysts expect that Asana will post -1.14 earnings per share for the current year.

Insider Activity

In related news, insider Eleanor B. Lacey sold 4,977 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.79, for a total value of $58,678.83. Following the transaction, the insider now directly owns 370,333 shares of the company’s stock, valued at approximately $4,366,226.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Asana news, insider Eleanor B. Lacey sold 9,308 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $111,602.92. Following the transaction, the insider now owns 375,310 shares of the company’s stock, valued at approximately $4,499,966.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Eleanor B. Lacey sold 4,977 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.79, for a total transaction of $58,678.83. Following the transaction, the insider now directly owns 370,333 shares in the company, valued at approximately $4,366,226.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,092 shares of company stock worth $527,668 in the last quarter. Corporate insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

A number of hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. acquired a new position in shares of Asana in the 2nd quarter worth approximately $17,100,000. Champlain Investment Partners LLC raised its holdings in shares of Asana by 26.9% in the 1st quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock valued at $62,456,000 after buying an additional 854,355 shares during the period. Vanguard Group Inc. lifted its stake in Asana by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock worth $144,462,000 after acquiring an additional 490,823 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Asana during the 2nd quarter valued at about $5,169,000. Finally, Marshall Wace LLP acquired a new position in Asana in the 2nd quarter valued at about $3,159,000. 26.21% of the stock is currently owned by hedge funds and other 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.