Morgan Stanley Downgrades Asana (NYSE:ASAN) to Underweight

Asana (NYSE:ASAN) was downgraded by analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued on Tuesday,Finviz reports. They currently have a $14.00 target price on the stock. Morgan Stanley’s price objective points to a potential downside of 22.48% from the company’s current price.

A number of other research firms have also commented on ASAN. UBS Group reduced their target price on Asana from $18.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. JPMorgan Chase & Co. dropped their price objective on Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 11th. Jefferies Financial Group decreased their target price on Asana from $19.00 to $15.00 and set a “hold” rating for the company in a research report on Tuesday, March 11th. Piper Sandler dropped their price target on shares of Asana from $18.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Finally, Scotiabank reduced their price target on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, March 11th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.53.

Asana Price Performance

Shares of ASAN opened at $18.06 on Tuesday. Asana has a twelve month low of $11.05 and a twelve month high of $27.77. The company has a market capitalization of $4.21 billion, a P/E ratio of -16.12 and a beta of 1.21. The firm has a 50 day moving average of $15.54 and a 200 day moving average of $18.00. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insider Buying and Selling at Asana

In related news, CEO Dustin A. Moskovitz bought 50,000 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were bought at an average cost of $15.84 per share, for a total transaction of $792,000.00. Following the completion of the transaction, the chief executive officer now owns 51,398,436 shares of the company’s stock, valued at approximately $814,151,226.24. This trade represents a 0.10% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justin Rosenstein sold 150,000 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $19.76, for a total value of $2,964,000.00. Following the sale, the director now directly owns 1,097,309 shares of the company’s stock, valued at $21,682,825.84. This represents a 12.03% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 2,074,507 shares of company stock valued at $30,025,743 and sold 193,775 shares valued at $3,549,663. 61.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise bought a new position in shares of Asana during the 1st quarter valued at approximately $28,000. Quarry LP purchased a new position in Asana during the fourth quarter valued at approximately $29,000. AlphaQuest LLC lifted its holdings in Asana by 825.1% during the first quarter. AlphaQuest LLC now owns 2,470 shares of the company’s stock valued at $36,000 after purchasing an additional 2,203 shares in the last quarter. Bogart Wealth LLC bought a new position in shares of Asana in the fourth quarter worth approximately $61,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Asana in the fourth quarter worth $82,000. 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.