Asana (NYSE:ASAN) Coverage Initiated at Scotiabank

Stock analysts at Scotiabank assumed coverage on shares of Asana (NYSE:ASAN) in a research report issued to clients and investors on Monday, MarketBeat.com reports. The firm set a “sector perform” rating and a $15.00 price target on the stock. Scotiabank’s target price indicates a potential upside of 8.89% from the stock’s previous close.

Several other brokerages have also issued reports on ASAN. Royal Bank of Canada restated an “underperform” rating and set a $10.00 target price on shares of Asana in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. decreased their target price on Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, September 4th. KeyCorp cut their price target on Asana from $12.00 to $10.00 and set an “underweight” rating for the company in a report on Wednesday, September 4th. Bank of America reduced their price target on Asana from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. Finally, JMP Securities lowered their price objective on Asana from $27.00 to $21.00 and set a “market outperform” rating on the stock in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $14.27.

Asana Stock Performance

Shares of ASAN stock opened at $13.78 on Monday. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average price of $12.38 and a 200-day moving average price of $13.24. Asana has a 52 week low of $11.05 and a 52 week high of $23.44. The firm has a market capitalization of $3.14 billion, a PE ratio of -11.98 and a beta of 1.13.

Asana (NYSE:ASAN) last posted its earnings results on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $179.21 million during the quarter, compared to the consensus estimate of $177.68 million. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The firm’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.31) EPS. As a group, equities research analysts expect that Asana will post -1.14 earnings per share for the current year.

Insider Buying and Selling

In other Asana news, insider Eleanor B. Lacey sold 4,977 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.79, for a total value of $58,678.83. Following the transaction, the insider now owns 370,333 shares of the company’s stock, valued at $4,366,226.07. This 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 on Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $357,385.93. Following the sale, the chief operating officer now owns 761,088 shares of the company’s stock, valued at approximately $9,125,445.12. This trade represents a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,092 shares of company stock worth $527,668 over the last three months. 63.97% of the stock is owned by insiders.

Institutional Trading of Asana

A number of large investors have recently modified their holdings of the company. Headlands Technologies LLC lifted its stake in Asana by 327.9% in the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after acquiring an additional 2,220 shares during the period. KBC Group NV lifted its position in shares of Asana by 52.1% in the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock worth $41,000 after purchasing an additional 1,211 shares during the period. Quest Partners LLC bought a new position in shares of Asana during the third quarter valued at approximately $43,000. Redwood Wealth Management Group LLC bought a new position in shares of Asana during the second quarter valued at approximately $65,000. Finally, Daiwa Securities Group Inc. increased its holdings in Asana by 26.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after buying an additional 1,028 shares during the period. 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.