Asana, Inc. (NYSE:ASAN) Given Consensus Recommendation of “Hold” by Brokerages

Asana, Inc. (NYSE:ASAN) has earned a consensus rating of “Hold” from the fourteen research firms that are currently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $14.21.

Several brokerages have weighed in on ASAN. DA Davidson upped their target price on Asana from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. KeyCorp lowered their target price on Asana from $12.00 to $10.00 and set an “underweight” rating for the company in a report on Wednesday, September 4th. Royal Bank of Canada restated an “underperform” rating and set a $10.00 price objective on shares of Asana in a research note on Wednesday, October 23rd. Citigroup decreased their price objective on Asana from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, Bank of America decreased their price objective on Asana from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th.

Asana Price Performance

Shares of ASAN stock opened at $13.90 on Friday. Asana has a twelve month low of $11.05 and a twelve month high of $23.44. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of -12.09 and a beta of 1.13. The stock has a fifty day simple moving average of $12.28 and a two-hundred day simple moving average of $13.30. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14.

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

Insider Activity at Asana

In other news, insider Eleanor B. Lacey sold 4,977 shares of the 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 transaction, the insider now directly owns 370,333 shares of the company’s stock, valued at approximately $4,366,226.07. This represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Anne Raimondi sold 29,807 shares of the stock in a transaction dated 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 transaction, the chief operating officer now directly owns 761,088 shares in the company, valued at $9,125,445.12. This represents a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,092 shares of company stock valued at $527,668 in the last ninety days. Corporate insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Headlands Technologies LLC increased its holdings in shares of Asana by 327.9% in the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock valued at $41,000 after purchasing an additional 2,220 shares during the period. KBC Group NV increased its holdings in shares of Asana by 52.1% in the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after purchasing an additional 1,211 shares during the period. Quest Partners LLC acquired a new stake in Asana during the third quarter worth about $43,000. Redwood Wealth Management Group LLC acquired a new stake in Asana during the second quarter worth about $65,000. Finally, Daiwa Securities Group Inc. grew its holdings in Asana by 26.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock worth $70,000 after acquiring an additional 1,028 shares during the period. 26.21% of the stock is owned by institutional investors and hedge funds.

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.