Asana (NYSE:ASAN) Earns Sector Perform Rating from Analysts at Scotiabank

Stock analysts at Scotiabank initiated coverage on shares of Asana (NYSE:ASAN) in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage set a “sector perform” rating and a $15.00 price target on the stock. Scotiabank’s price objective would suggest a potential upside of 8.89% from the stock’s current price.

Several other research analysts also recently weighed in on ASAN. Citigroup dropped their target price on Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Royal Bank of Canada restated an “underperform” rating and set a $10.00 price target on shares of Asana in a research note on Wednesday, October 23rd. UBS Group decreased their price objective on shares of Asana from $17.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Oppenheimer lowered their target price on shares of Asana from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Finally, Robert W. Baird cut their price target on shares of Asana from $20.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.27.

Asana Stock Performance

ASAN stock opened at $13.78 on Monday. Asana has a one year low of $11.05 and a one year high of $23.44. The firm has a market cap of $3.14 billion, a price-to-earnings ratio of -11.98 and a beta of 1.13. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.63 and a current ratio of 1.63. The firm has a 50-day simple moving average of $12.38 and a two-hundred day simple moving average of $13.24.

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

Insiders Place Their Bets

In other Asana news, COO Anne Raimondi sold 29,807 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $357,385.93. Following the sale, the chief operating officer now owns 761,088 shares in the company, valued at approximately $9,125,445.12. This represents a 3.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Eleanor B. Lacey sold 4,977 shares of Asana stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $4,366,226.07. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,092 shares of company stock valued at $527,668. Company insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Headlands Technologies LLC raised its stake in shares of Asana by 327.9% during the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after buying an additional 2,220 shares during the period. KBC Group NV increased its holdings in Asana by 52.1% in the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock worth $41,000 after acquiring an additional 1,211 shares in the last quarter. Quest Partners LLC acquired a new position in Asana during the third quarter worth $43,000. Redwood Wealth Management Group LLC purchased a new position in Asana during the second quarter valued at $65,000. Finally, Daiwa Securities Group Inc. grew its position in shares of Asana by 26.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after purchasing an additional 1,028 shares during the period. Institutional investors and hedge funds 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.