Morgan Stanley Forecasts Strong Price Appreciation for Asana (NYSE:ASAN) Stock

Asana (NYSE:ASAN) had its price objective hoisted by equities researchers at Morgan Stanley from $14.00 to $18.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential downside of 18.88% from the company’s previous close.

A number of other brokerages have also issued reports on ASAN. Oppenheimer boosted their price target on Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday. JMP Securities upped their price objective on shares of Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a report on Friday. Citigroup lowered their target price on shares of Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Robert W. Baird boosted their price target on shares of Asana from $13.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, DA Davidson increased their price objective on shares of Asana from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $16.53.

Asana Stock Performance

Shares of NYSE ASAN opened at $22.19 on Friday. Asana has a 12-month low of $11.05 and a 12-month high of $22.54. The company has a market cap of $5.06 billion, a PE ratio of -19.81 and a beta of 1.22. The stock has a 50 day simple moving average of $13.37 and a 200-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.

Insider Transactions at Asana

In other Asana news, insider Eleanor B. Lacey sold 4,977 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.79, for a total transaction of $58,678.83. Following the completion of the sale, the insider now directly owns 370,333 shares in the company, valued at approximately $4,366,226.07. This trade represents a 1.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Anne Raimondi sold 29,807 shares of Asana 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 transaction, the chief operating officer now directly owns 761,088 shares in the company, valued at approximately $9,125,445.12. This trade represents a 3.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,092 shares of company stock valued at $527,668 over the last three months. Company insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Several institutional investors have recently made changes to their positions in the stock. Neo Ivy Capital Management boosted its position in Asana by 195.1% during the third quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock valued at $1,964,000 after purchasing an additional 112,038 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Asana by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock worth $21,605,000 after purchasing an additional 12,055 shares in the last quarter. Barclays PLC lifted its holdings in shares of Asana by 103.0% during the 3rd quarter. Barclays PLC now owns 165,753 shares of the company’s stock valued at $1,920,000 after buying an additional 84,114 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Asana in the 3rd quarter valued at approximately $538,000. Finally, Quadrature Capital Ltd acquired a new position in Asana in the third quarter worth approximately $189,000. 26.21% of the stock is currently 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.