Jefferies Financial Group Forecasts Strong Price Appreciation for Asana (NYSE:ASAN) Stock

Asana (NYSE:ASAN) had its price target upped by analysts at Jefferies Financial Group from $13.00 to $16.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Jefferies Financial Group’s price objective would indicate a potential upside of 3.49% from the company’s previous close.

A number of other brokerages have also recently issued reports on ASAN. UBS Group decreased their target price on Asana from $17.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Bank of America decreased their price objective on shares of Asana from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Royal Bank of Canada reissued an “underperform” rating and issued a $10.00 price objective on shares of Asana in a research report on Wednesday, October 23rd. Oppenheimer reduced their target price on shares of Asana from $23.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. Finally, Morgan Stanley decreased their price target on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.40.

Asana Trading Down 2.3 %

Shares of ASAN stock opened at $15.46 on Friday. The firm’s 50-day simple moving average is $13.17 and its 200-day simple moving average is $13.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63. Asana has a 1-year low of $11.05 and a 1-year high of $21.55. The firm has a market cap of $3.53 billion, a P/E ratio of -13.44 and a beta of 1.22.

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

Insider Buying and Selling

In related news, insider Eleanor B. Lacey sold 4,977 shares of Asana stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.79, for a total value of $58,678.83. Following the completion of the transaction, the insider now directly owns 370,333 shares in the company, valued at approximately $4,366,226.07. This trade represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Anne Raimondi sold 29,807 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $357,385.93. Following the completion of the sale, the chief operating officer now owns 761,088 shares of the company’s stock, valued at $9,125,445.12. This trade represents a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,092 shares of company stock worth $527,668. 63.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Asana

A number of large investors have recently bought and sold shares of the business. Neo Ivy Capital Management lifted its stake in Asana by 195.1% in the third quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock valued at $1,964,000 after buying an additional 112,038 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Asana by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock worth $21,605,000 after acquiring an additional 12,055 shares during the period. Barclays PLC lifted its position in Asana by 103.0% in the 3rd quarter. Barclays PLC now owns 165,753 shares of the company’s stock valued at $1,920,000 after purchasing an additional 84,114 shares during the last quarter. XTX Topco Ltd acquired a new position in Asana during the 3rd quarter valued at about $538,000. Finally, Quadrature Capital Ltd bought a new position in Asana in the 3rd quarter worth about $189,000. 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.