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

Asana (NYSE:ASAN) had its price objective boosted by investment analysts at Scotiabank from $15.00 to $18.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price target would suggest a potential downside of 18.88% from the stock’s current price.

A number of other brokerages also recently weighed in on ASAN. Jefferies Financial Group boosted their target price on shares of Asana from $13.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday. KeyCorp raised Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price objective on the stock in a report on Friday. JPMorgan Chase & Co. increased their price target on Asana from $13.00 to $15.00 and gave the company an “underweight” rating in a research note on Friday. DA Davidson boosted their price objective on shares of Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a report on Friday. Finally, UBS Group lowered their target price on shares of Asana from $17.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $16.53.

Asana Stock Up 43.5 %

NYSE ASAN opened at $22.19 on Friday. The stock’s 50 day simple moving average is $13.37 and its 200 day simple moving average is $13.30. Asana has a one year low of $11.05 and a one year high of $22.54. The firm has a market cap of $5.06 billion, a PE ratio of -19.81 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63.

Insiders Place Their Bets

In other Asana news, COO Anne Raimondi sold 29,807 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $357,385.93. Following the completion of the sale, the chief operating officer now directly owns 761,088 shares in the company, valued at $9,125,445.12. This represents a 3.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eleanor B. Lacey sold 9,308 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $111,602.92. Following the completion of the sale, the insider now directly owns 375,310 shares in the company, valued at approximately $4,499,966.90. This represents a 2.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,092 shares of company stock worth $527,668 in the last 90 days. Company insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Several institutional investors and hedge funds have recently modified their holdings of ASAN. Headlands Technologies LLC raised its stake in Asana by 327.9% during 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 in the last quarter. KBC Group NV grew its holdings 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 purchasing an additional 1,211 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Asana during the 3rd quarter valued at approximately $43,000. Redwood Wealth Management Group LLC acquired a new position in Asana during the 2nd quarter worth approximately $65,000. Finally, Daiwa Securities Group Inc. lifted its stake in Asana by 26.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after purchasing an additional 1,028 shares during the last quarter. 26.21% of the stock is currently owned by institutional investors.

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.