Asana (NYSE:ASAN) Earns “Market Outperform” Rating from JMP Securities

JMP Securities restated their market outperform rating on shares of Asana (NYSE:ASAN) in a report published on Wednesday,Benzinga reports. They currently have a $22.00 price objective on the stock.

A number of other brokerages have also recently issued reports on ASAN. JPMorgan Chase & Co. decreased their price objective on shares of Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a report on Tuesday, March 11th. DA Davidson decreased their price objective on shares of Asana from $20.00 to $12.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Scotiabank decreased their price objective on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, March 11th. Bank of America decreased their price objective on shares of Asana from $23.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Jefferies Financial Group decreased their price objective on shares of Asana from $19.00 to $15.00 and set a “hold” rating for the company in a report on Tuesday, March 11th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.97.

Asana Trading Up 1.0%

ASAN opened at $14.87 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market cap of $3.47 billion, a price-to-earnings ratio of -13.28 and a beta of 1.23. The firm has a 50 day simple moving average of $16.31 and a 200 day simple moving average of $18.27. Asana has a fifty-two week low of $11.05 and a fifty-two week high of $27.77.

Asana (NYSE:ASAN) last posted its quarterly earnings results on Tuesday, June 3rd. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. The business had revenue of $187.63 million during the quarter, compared to the consensus estimate of $185.40 million. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%. Asana’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) earnings per share. On average, sell-side analysts anticipate that Asana will post -1.09 earnings per share for the current year.

Insider Activity

In related news, COO Anne Raimondi sold 18,775 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $14.03, for a total transaction of $263,413.25. Following the completion of the transaction, the chief operating officer now owns 716,580 shares in the company, valued at approximately $10,053,617.40. This represents a 2.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Dustin A. Moskovitz bought 50,000 shares of Asana stock in a transaction that occurred on Tuesday, April 15th. The shares were acquired at an average price of $15.84 per share, with a total value of $792,000.00. Following the acquisition, the chief executive officer now directly owns 51,398,436 shares of the company’s stock, valued at $814,151,226.24. The trade was a 0.10% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 2,074,507 shares of company stock worth $30,025,743 over the last quarter. 61.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its holdings in Asana by 3.1% during the first quarter. Rhumbline Advisers now owns 125,556 shares of the company’s stock worth $1,829,000 after purchasing an additional 3,739 shares during the last quarter. Strs Ohio bought a new stake in Asana during the first quarter worth $195,000. Acadian Asset Management LLC raised its position in Asana by 8,850.6% during the first quarter. Acadian Asset Management LLC now owns 1,164,378 shares of the company’s stock worth $16,950,000 after acquiring an additional 1,151,369 shares in the last quarter. Bayforest Capital Ltd raised its position in Asana by 205.9% during the first quarter. Bayforest Capital Ltd now owns 20,614 shares of the company’s stock worth $300,000 after acquiring an additional 13,875 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Asana by 14.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,733 shares of the company’s stock worth $3,770,000 after acquiring an additional 32,708 shares in the last quarter. Institutional investors and hedge funds own 26.21% of the company’s stock.

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.