Asana (NYSE:ASAN) Price Target Cut to $13.00 by Analysts at JPMorgan Chase & Co.

Asana (NYSE:ASAN) had its price objective trimmed by JPMorgan Chase & Co. from $15.00 to $13.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an underweight rating on the stock.

Other equities analysts have also recently issued reports about the company. UBS Group decreased their price target on Asana from $17.00 to $13.00 and set a neutral rating on the stock in a research note on Wednesday. Jefferies Financial Group lowered their price target on shares of Asana from $17.00 to $16.00 and set a hold rating for the company in a report on Friday, May 31st. Royal Bank of Canada reissued an underperform rating and set a $10.00 price target on shares of Asana in a research report on Wednesday. HSBC upgraded shares of Asana from a reduce rating to a hold rating and decreased their price objective for the company from $16.00 to $14.00 in a research report on Monday, June 3rd. Finally, DA Davidson reiterated a neutral rating and set a $11.00 target price (down from $14.00) on shares of Asana in a report on Wednesday. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and a consensus price target of $14.80.

Asana Trading Down 5.2 %

Shares of ASAN opened at $12.60 on Wednesday. Asana has a fifty-two week low of $11.29 and a fifty-two week high of $23.44. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of -10.77 and a beta of 1.16. The firm has a 50 day moving average price of $13.71 and a 200-day moving average price of $14.71. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.71 and a current ratio of 1.71.

Asana (NYSE:ASAN) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. Asana had a negative net margin of 38.55% and a negative return on equity of 77.48%. The business had revenue of $179.21 million during the quarter, compared to the consensus estimate of $177.68 million. During the same period in the previous year, the firm posted ($0.31) earnings per share. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. As a group, equities research analysts forecast that Asana will post -1.05 earnings per share for the current year.

Insider Activity

In other Asana news, CFO Tim M. Wan sold 10,000 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $15.00, for a total value of $150,000.00. Following the completion of the transaction, the chief financial officer now owns 1,050,284 shares in the company, valued at $15,754,260. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Tim M. Wan sold 10,000 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $15.00, for a total value of $150,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,050,284 shares in the company, valued at approximately $15,754,260. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Tim M. Wan sold 5,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $15.00, for a total transaction of $75,000.00. Following the sale, the chief financial officer now directly owns 1,063,909 shares in the company, valued at approximately $15,958,635. The disclosure for this sale can be found here. Insiders sold a total of 84,443 shares of company stock worth $1,026,976 in the last quarter. 63.97% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. purchased a new stake in shares of Asana in the second quarter worth $17,100,000. Susquehanna Fundamental Investments LLC bought a new position in Asana in the 2nd quarter worth about $3,050,000. Scientech Research LLC bought a new position in Asana in the 2nd quarter worth about $146,000. The Manufacturers Life Insurance Company grew its position in Asana by 4.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,096 shares of the company’s stock valued at $687,000 after purchasing an additional 1,888 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in Asana by 25.6% during the 2nd quarter. AQR Capital Management LLC now owns 32,503 shares of the company’s stock valued at $444,000 after purchasing an additional 6,634 shares in the last quarter. 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.