Scotiabank Has Lowered Expectations for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its target price cut by Scotiabank from $18.00 to $12.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price target indicates a potential downside of 10.75% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. DA Davidson raised their price target on shares of Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Citigroup raised their price target on shares of Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. UBS Group cut their target price on shares of Asana from $18.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $10.00 target price on shares of Asana in a research report on Friday, December 6th. Finally, Robert W. Baird cut their target price on shares of Asana from $23.00 to $13.00 and set a “neutral” rating for the company in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $15.87.

Asana Price Performance

Shares of ASAN opened at $13.45 on Tuesday. The company has a market capitalization of $3.08 billion, a P/E ratio of -12.00 and a beta of 1.13. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The firm has a 50 day moving average of $20.26 and a 200 day moving average of $16.84. Asana has a twelve month low of $11.05 and a twelve month high of $27.77.

Insider Activity

In other news, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the completion of the sale, the chief operating officer now owns 733,855 shares of the company’s stock, valued at $15,931,992.05. The trade was a 3.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Justin Rosenstein sold 200,000 shares of Asana stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $21.67, for a total transaction of $4,334,000.00. Following the transaction, the director now owns 1,847,309 shares in the company, valued at approximately $40,031,186.03. This trade represents a 9.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 723,300 shares of company stock valued at $15,161,068 in the last 90 days. Company insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Quarry LP purchased a new position in shares of Asana during the 4th quarter valued at $29,000. KBC Group NV lifted its stake in shares of Asana by 52.1% during the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after buying an additional 1,211 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Asana during the 3rd quarter valued at $43,000. Bogart Wealth LLC purchased a new position in shares of Asana during the 4th quarter valued at $61,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Asana in the 4th quarter worth $82,000. Hedge funds and other institutional investors 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.