Piper Sandler Reaffirms Overweight Rating for Asana (NYSE:ASAN)

Asana (NYSE:ASAN)‘s stock had its “overweight” rating restated by research analysts at Piper Sandler in a research note issued on Thursday,Benzinga reports. They presently have a $27.00 price target on the stock. Piper Sandler’s target price would indicate a potential upside of 24.09% from the stock’s previous close.

Several other equities research analysts have also recently commented on the company. Citigroup increased their price objective on Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Morgan Stanley increased their target price on Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. lifted their target price on Asana from $13.00 to $15.00 and gave the company an “underweight” rating in a research note on Friday, December 6th. Scotiabank upped their price target on shares of Asana from $15.00 to $18.00 and gave the company a “sector perform” rating in a report on Friday, December 6th. Finally, DA Davidson raised their price objective on Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.73.

Asana Trading Up 0.0 %

Shares of ASAN opened at $21.76 on Thursday. The company has a market capitalization of $4.98 billion, a P/E ratio of -19.43 and a beta of 1.11. Asana has a 1-year low of $11.05 and a 1-year high of $27.77. The firm’s 50 day simple moving average is $20.87 and its 200 day simple moving average is $15.74. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49.

Insider Buying and Selling

In other Asana news, COO Anne Raimondi sold 27,233 shares of Asana stock in a transaction on Friday, December 20th. The stock was sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the transaction, the chief operating officer now directly 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 Securities & Exchange Commission, which is available at the SEC website. Also, Director Justin Rosenstein sold 150,000 shares of Asana stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $20.01, for a total transaction of $3,001,500.00. Following the sale, the director now directly owns 2,047,309 shares in the company, valued at $40,966,653.09. This trade represents a 6.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 573,300 shares of company stock worth $12,197,068 in the last quarter. Insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Several large investors have recently made changes to their positions in the company. AQR Capital Management LLC lifted its holdings in shares of Asana by 25.6% in the second quarter. AQR Capital Management LLC now owns 32,503 shares of the company’s stock worth $444,000 after buying an additional 6,634 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings 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 period. SG Americas Securities LLC purchased a new stake in shares of Asana in the 3rd quarter worth about $456,000. Washington Capital Management Inc. bought a new position in shares of Asana in the 3rd quarter worth approximately $377,000. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Asana by 16.1% during the third quarter. Harbor Capital Advisors Inc. now owns 16,974 shares of the company’s stock valued at $197,000 after purchasing an additional 2,350 shares in the last quarter. 26.21% of the stock is currently owned by institutional investors and hedge funds.

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.