Asana’s (ASAN) “Underperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reaffirmed their underperform rating on shares of Asana (NYSE:ASAN) in a research report released on Wednesday, Benzinga reports. They currently have a $10.00 price target on the stock.

ASAN has been the topic of a number of other reports. Bank of America dropped their price objective on shares of Asana from $18.00 to $16.00 and set a buy rating on the stock in a research note on Wednesday. KeyCorp reduced their price objective on Asana from $14.00 to $13.00 and set an underweight rating for the company in a research note on Friday, May 31st. Piper Sandler lowered their target price on Asana from $14.00 to $12.00 and set a neutral rating on the stock in a report on Wednesday. UBS Group lowered their price target on shares of Asana from $20.00 to $17.00 and set a neutral rating on the stock in a research report on Friday, May 24th. Finally, 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. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $14.80.

Asana Stock Down 5.2 %

Asana stock opened at $12.60 on Wednesday. Asana has a 12 month low of $11.29 and a 12 month high of $23.44. The stock has a fifty day simple moving average of $13.71 and a two-hundred day simple moving average of $14.71. 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 cap of $2.87 billion, a price-to-earnings ratio of -10.77 and a beta of 1.16.

Asana (NYSE:ASAN) last released its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. The company had revenue of $179.21 million during the quarter, compared to the consensus estimate of $177.68 million. During the same period last year, the company earned ($0.31) EPS. Asana’s revenue for the quarter was up 10.3% on a year-over-year basis. Equities analysts predict that Asana will post -1.05 EPS for the current fiscal year.

Insider Transactions at Asana

In other news, CFO Tim M. Wan sold 28,856 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 transaction of $330,112.64. Following the transaction, the chief financial officer now owns 1,050,284 shares in the company, valued at approximately $12,015,248.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Asana news, CFO Tim M. Wan sold 10,000 shares of Asana stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $15.00, for a total transaction of $150,000.00. Following the sale, the chief financial officer now directly owns 1,050,284 shares of the company’s stock, valued at $15,754,260. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Tim M. Wan sold 28,856 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total transaction of $330,112.64. Following the completion of the sale, the chief financial officer now owns 1,050,284 shares in the company, valued at approximately $12,015,248.96. The disclosure for this sale can be found here. Insiders sold 84,443 shares of company stock valued at $1,026,976 over the last three months. 63.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Asana

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Asana by 5.6% in the first quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock valued at $144,462,000 after acquiring an additional 490,823 shares during the last quarter. Champlain Investment Partners LLC lifted its holdings in shares of Asana by 26.9% during the 1st quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock valued at $62,456,000 after purchasing an additional 854,355 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Asana by 15.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock valued at $33,891,000 after buying an additional 235,135 shares in the last quarter. Gilder Gagnon Howe & Co. LLC acquired a new position in Asana in the 4th quarter worth $25,246,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of Asana during the second quarter worth about $17,100,000. 26.21% of the stock is owned by institutional investors.

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.