Bank of America Cuts Asana (NYSE:ASAN) Price Target to $16.00

Asana (NYSE:ASAN) had its price objective lowered by Bank of America from $18.00 to $16.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

ASAN has been the topic of a number of other research reports. Oppenheimer lowered 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. HSBC upgraded shares of Asana from a reduce rating to a hold rating and dropped their price target for the company from $16.00 to $14.00 in a research report on Monday, June 3rd. Jefferies Financial Group decreased their price objective on shares of Asana from $17.00 to $16.00 and set a hold rating on the stock in a report on Friday, May 31st. Morgan Stanley dropped their target price 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. Finally, KeyCorp cut their target price on Asana from $14.00 to $13.00 and set an underweight rating on the stock in a research report on Friday, May 31st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $14.67.

Asana Stock Down 6.4 %

Shares of ASAN opened at $11.78 on Wednesday. The stock has a 50 day moving average price of $13.64 and a 200 day moving average price of $14.65. Asana has a one year low of $11.29 and a one year high of $23.44. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.71 and a current ratio of 1.71. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of -10.07 and a beta of 1.16.

Asana (NYSE:ASAN) last released its earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The business 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%. The company’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 firm earned ($0.31) earnings per share. Equities research analysts forecast that Asana will post -1.05 earnings per share for the current fiscal year.

Insider Transactions at Asana

In related news, CFO Tim M. Wan sold 28,856 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $330,112.64. Following the sale, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at $12,015,248.96. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Tim M. Wan sold 5,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $15,958,635. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Tim M. Wan sold 28,856 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $330,112.64. Following the completion of the transaction, the chief financial officer now owns 1,050,284 shares in the company, valued at approximately $12,015,248.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,443 shares of company stock valued at $1,026,976. 63.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Asana

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASAN. New York State Common Retirement Fund lifted its position in shares of Asana by 22.4% during the 4th quarter. New York State Common Retirement Fund now owns 37,756 shares of the company’s stock worth $718,000 after buying an additional 6,904 shares during the last quarter. Victory Capital Management Inc. acquired a new position in Asana in the fourth quarter valued at $197,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Asana by 6.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 696,277 shares of the company’s stock worth $13,236,000 after purchasing an additional 43,564 shares during the last quarter. Beacon Pointe Advisors LLC grew its holdings in shares of Asana by 13.0% during the fourth quarter. Beacon Pointe Advisors LLC now owns 38,276 shares of the company’s stock worth $728,000 after purchasing an additional 4,401 shares during the last quarter. Finally, Kingsview Wealth Management LLC increased its position in shares of Asana by 4.2% during the fourth quarter. Kingsview Wealth Management LLC now owns 20,319 shares of the company’s stock worth $386,000 after purchasing an additional 828 shares in the last quarter. 26.21% of the stock is owned by institutional investors and hedge funds.

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.