Asana (NYSE:ASAN) Price Target Lowered to $15.00 at Citigroup

Asana (NYSE:ASAN) had its price objective reduced by Citigroup from $17.00 to $15.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages have also issued reports on ASAN. Oppenheimer cut their target price on Asana from $28.00 to $23.00 and set an outperform rating for the company in a research note on Friday, May 31st. UBS Group cut their target price on Asana from $20.00 to $17.00 and set a neutral rating for the company in a research note on Friday, May 24th. Piper Sandler raised Asana from an underweight rating to a neutral rating and cut their target price for the stock from $18.00 to $16.00 in a research note on Friday, May 31st. HSBC raised Asana from a reduce rating to a hold rating and cut their target price for the stock from $16.00 to $14.00 in a research note on Monday, June 3rd. Finally, JMP Securities reiterated a market outperform rating and issued a $27.00 price objective on shares of Asana in a research report on Friday, May 31st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $18.33.

Asana Stock Up 2.5 %

Shares of NYSE ASAN opened at $13.00 on Wednesday. Asana has a 12 month low of $11.29 and a 12 month high of $24.81. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of -11.11 and a beta of 1.15. The business has a 50-day moving average of $14.14 and a 200-day moving average of $16.47.

Asana (NYSE:ASAN) last issued its quarterly earnings data on Thursday, May 30th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.02. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. The company had revenue of $172.45 million during the quarter, compared to analyst estimates of $168.53 million. Sell-side analysts expect that Asana will post -1.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Anne Raimondi sold 26,588 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $304,166.72. Following the completion of the sale, the chief operating officer now owns 790,894 shares of the company’s stock, valued at $9,047,827.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Asana news, insider Eleanor B. Lacey sold 4,462 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $15.47, for a total transaction of $69,027.14. Following the completion of the transaction, the insider now owns 220,739 shares of the company’s stock, valued at $3,414,832.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Anne Raimondi sold 26,588 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $304,166.72. Following the transaction, the chief operating officer now directly owns 790,894 shares of the company’s stock, valued at approximately $9,047,827.36. The disclosure for this sale can be found here. Insiders sold 93,905 shares of company stock valued at $1,171,004 over the last quarter. 63.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On Asana

Several institutional investors and hedge funds have recently added to or reduced their stakes in ASAN. Janney Montgomery Scott LLC purchased a new position in Asana during the third quarter valued at $184,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Asana by 10.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 652,713 shares of the company’s stock valued at $11,951,000 after acquiring an additional 61,141 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Asana by 3.8% during the third quarter. Rhumbline Advisers now owns 111,749 shares of the company’s stock valued at $2,046,000 after acquiring an additional 4,094 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Asana during the third quarter valued at $27,000. Finally, Algert Global LLC increased its holdings in shares of Asana by 188.4% during the third quarter. Algert Global LLC now owns 34,720 shares of the company’s stock valued at $636,000 after acquiring an additional 22,680 shares in the last quarter. Hedge funds and other institutional investors 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.