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 issued on Wednesday, Benzinga reports. They currently have a $10.00 price target on the stock.

A number of other brokerages have also recently weighed in on ASAN. Robert W. Baird reduced their target price on Asana from $20.00 to $13.00 and set a neutral rating on the stock in a report on Wednesday. Oppenheimer reduced their price objective on Asana from $28.00 to $23.00 and set an outperform rating on the stock in a research note on Friday, May 31st. Jefferies Financial Group dropped their target price on shares of Asana from $17.00 to $16.00 and set a hold rating for the company in a research report on Friday, May 31st. JMP Securities restated a market outperform rating and issued a $27.00 price target on shares of Asana in a report on Monday, July 15th. Finally, Morgan Stanley decreased their price objective on shares of Asana from $19.00 to $15.00 and set an equal weight rating for the company in a research note on Tuesday, August 20th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Asana currently has an average rating of Hold and a consensus price target of $14.67.

Asana Trading Down 6.4 %

Shares of ASAN stock opened at $11.78 on Wednesday. The firm’s 50-day simple moving average is $13.64 and its 200-day simple moving average is $14.65. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.71 and a quick ratio of 1.71. Asana has a 1-year low of $11.29 and a 1-year high of $23.44. The firm has a market cap of $2.69 billion, a P/E ratio of -10.07 and a beta of 1.16.

Asana (NYSE:ASAN) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. The firm had revenue of $179.21 million during the quarter, compared to analyst estimates of $177.68 million. Asana had a negative net margin of 38.55% and a negative return on equity of 77.48%. Asana’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.31) earnings per share. As a group, equities analysts forecast that Asana will post -1.05 EPS for the current year.

Insider Buying and Selling

In other Asana news, CFO Tim M. Wan sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $15.00, for a total transaction of $75,000.00. Following the completion of the sale, the chief financial officer now owns 1,063,909 shares in the company, valued at approximately $15,958,635. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Tim M. Wan sold 5,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $15.00, for a total transaction of $75,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,063,909 shares in the company, valued at approximately $15,958,635. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Anne Raimondi sold 26,588 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $304,166.72. Following the sale, the chief operating officer now directly owns 790,894 shares of the company’s stock, valued at approximately $9,047,827.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 84,443 shares of company stock worth $1,026,976. 63.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Asana

Several hedge funds and other institutional investors have recently modified their holdings of ASAN. Vanguard Group Inc. grew its stake in Asana by 5.6% in the first quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock worth $144,462,000 after purchasing an additional 490,823 shares in the last quarter. Champlain Investment Partners LLC lifted its holdings in Asana by 26.9% during the 1st quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock worth $62,456,000 after buying an additional 854,355 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Asana by 15.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock worth $33,891,000 after acquiring an additional 235,135 shares in the last quarter. Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Asana in the 4th quarter valued at approximately $25,246,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of Asana in the 2nd quarter valued at approximately $17,100,000. 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.