Royal Bank of Canada Reiterates Underperform Rating for Asana (NYSE:ASAN)

Asana (NYSE:ASAN)‘s stock had its “underperform” rating reissued by Royal Bank of Canada in a research report issued on Wednesday, Benzinga reports. They presently have a $10.00 price objective on the stock. Royal Bank of Canada’s price target points to a potential downside of 16.28% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their price objective on shares of Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, September 4th. DA Davidson increased their price target on Asana from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday. Oppenheimer cut their price target on Asana from $23.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. Robert W. Baird lowered their price objective on Asana from $20.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, Morgan Stanley cut their target price on Asana from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 20th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $14.21.

Asana Trading Up 1.6 %

Shares of NYSE ASAN opened at $11.95 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 stock’s 50 day moving average price is $12.39 and its two-hundred day moving average price is $13.44. Asana has a 52-week low of $11.05 and a 52-week high of $23.44. The stock has a market capitalization of $2.72 billion, a P/E ratio of -10.21 and a beta of 1.14.

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

Insider Buying and Selling at Asana

In related news, insider Eleanor B. Lacey sold 9,308 shares of the business’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 transaction of $111,602.92. Following the sale, the insider now owns 375,310 shares of the company’s stock, valued at $4,499,966.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Asana news, insider Eleanor B. Lacey sold 4,977 shares of the company’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 completion of the sale, the insider now directly owns 370,333 shares of the company’s stock, valued at approximately $4,366,226.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Eleanor B. Lacey sold 9,308 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,092 shares of company stock valued at $527,668. Company insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Diversified Trust Co raised its holdings in Asana by 59.0% during the 1st quarter. Diversified Trust Co now owns 34,085 shares of the company’s stock worth $528,000 after buying an additional 12,650 shares during the period. Principal Financial Group Inc. bought a new position in shares of Asana in the 1st quarter valued at approximately $173,000. Diversify Advisory Services LLC acquired a new stake in Asana in the 1st quarter worth approximately $517,000. Hussman Strategic Advisors Inc. bought a new stake in Asana during the first quarter worth approximately $325,000. Finally, Retirement Planning Co of New England Inc. bought a new stake in Asana during the first quarter worth approximately $164,000. 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.