Morgan Stanley Has Lowered Expectations for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its price objective dropped by investment analysts at Morgan Stanley from $18.00 to $15.00 in a research note issued on Wednesday, Marketbeat Ratings reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 16.45% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Robert W. Baird decreased their price target on shares of Asana from $23.00 to $13.00 and set a “neutral” rating on the stock in a research note on Tuesday. Bank of America cut their price objective on shares of Asana from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Tuesday. Scotiabank cut their price objective on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Citigroup boosted their price objective on shares of Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Finally, KeyCorp upgraded shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price objective on the stock in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Asana has an average rating of “Hold” and an average price target of $15.87.

Asana Price Performance

Asana stock opened at $12.88 on Wednesday. The company has a market cap of $2.95 billion, a price-to-earnings ratio of -11.50 and a beta of 1.13. The firm’s fifty day moving average is $20.12 and its 200 day moving average is $16.81. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. Asana has a 52-week low of $11.05 and a 52-week high of $27.77.

Insiders Place Their Bets

In other Asana news, Director Justin Rosenstein sold 150,000 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $19.76, for a total transaction of $2,964,000.00. Following the completion of the sale, the director now directly owns 1,097,309 shares of the company’s stock, valued at approximately $21,682,825.84. This represents a 12.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Anne Raimondi sold 27,233 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 723,300 shares of company stock worth $15,161,068 in the last three months. Corporate insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vise Technologies Inc. raised its position in shares of Asana by 6.5% in the 4th quarter. Vise Technologies Inc. now owns 15,809 shares of the company’s stock valued at $320,000 after purchasing an additional 959 shares during the last quarter. KBC Group NV increased its holdings in 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 buying an additional 1,211 shares during the period. Quarry LP acquired a new position in Asana in the 4th quarter worth approximately $29,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Asana by 5.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,218 shares of the company’s stock worth $937,000 after buying an additional 2,538 shares during the period. Finally, MetLife Investment Management LLC grew its stake in shares of Asana by 5.7% during the 4th quarter. MetLife Investment Management LLC now owns 49,483 shares of the company’s stock worth $1,003,000 after purchasing an additional 2,668 shares during the period. 26.21% of the stock is owned by hedge funds and other 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.