Asana, Inc. (NYSE:ASAN – Get Free Report)’s share price gapped down prior to trading on Wednesday after Morgan Stanley lowered their price target on the stock from $23.00 to $21.00. The stock had previously closed at $23.31, but opened at $19.25. Morgan Stanley currently has an equal weight rating on the stock. Asana shares last traded at $19.74, with a volume of 3,922,813 shares changing hands.
Several other analysts also recently weighed in on ASAN. Citigroup cut their target price on Asana from $24.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 4th. Piper Sandler reaffirmed an “underweight” rating and set a $16.00 target price on shares of Asana in a research note on Wednesday. UBS Group started coverage on Asana in a research note on Thursday, October 12th. They set a “neutral” rating and a $20.00 target price on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $28.00 target price on shares of Asana in a research note on Wednesday, September 6th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $30.00 target price on shares of Asana in a research note on Wednesday, September 6th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Asana presently has a consensus rating of “Hold” and an average price target of $20.86.
Insiders Place Their Bets
In other Asana news, COO Anne Raimondi sold 39,701 shares of the business’s stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $17.54, for a total value of $696,355.54. Following the completion of the sale, the chief operating officer now owns 519,681 shares of the company’s stock, valued at $9,115,204.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, COO Anne Raimondi sold 39,701 shares of Asana stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $17.54, for a total value of $696,355.54. Following the transaction, the chief operating officer now directly owns 519,681 shares in the company, valued at $9,115,204.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Dustin A. Moskovitz acquired 507,500 shares of the company’s stock in a transaction dated Monday, September 18th. The stock was acquired at an average price of $18.37 per share, for a total transaction of $9,322,775.00. Following the completion of the purchase, the chief executive officer now directly owns 43,425,149 shares of the company’s stock, valued at approximately $797,719,987.13. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 3,368,613 shares of company stock valued at $60,879,233 and sold 67,815 shares valued at $1,192,325. Insiders own 63.26% of the company’s stock.
Hedge Funds Weigh In On Asana
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Asana by 2.2% during the third quarter. Vanguard Group Inc. now owns 6,857,364 shares of the company’s stock valued at $152,440,000 after acquiring an additional 148,214 shares during the period. BlackRock Inc. grew its stake in shares of Asana by 5.5% in the 1st quarter. BlackRock Inc. now owns 6,723,586 shares of the company’s stock valued at $142,069,000 after purchasing an additional 352,684 shares during the period. State Street Corp grew its stake in shares of Asana by 8.0% in the 2nd quarter. State Street Corp now owns 2,211,225 shares of the company’s stock valued at $48,735,000 after purchasing an additional 163,281 shares during the period. Morgan Stanley boosted its holdings in shares of Asana by 69.8% in the 3rd quarter. Morgan Stanley now owns 2,141,221 shares of the company’s stock worth $39,206,000 after acquiring an additional 880,413 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Asana by 26.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,577,500 shares of the company’s stock worth $63,053,000 after acquiring an additional 331,400 shares in the last quarter. 26.21% of the stock is currently owned by institutional investors.
Asana Stock Down 14.3 %
The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of -12.27 and a beta of 1.30. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average price of $19.36 and a 200 day moving average price of $20.80.
Asana (NYSE:ASAN – Get Free Report) last announced its earnings results on Tuesday, December 5th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.07. The business had revenue of $166.50 million for the quarter, compared to the consensus estimate of $164.09 million. Asana had a negative return on equity of 87.79% and a negative net margin of 54.21%. Asana’s revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.49) EPS. Sell-side analysts anticipate that Asana, Inc. will post -1.34 EPS for the current fiscal year.
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; and manages product launches, marketing campaigns, and organization-wide goal settings.