Asana (NYSE:ASAN) Given New $21.00 Price Target at Bank of America

Asana (NYSE:ASAN) had its target price dropped by Bank of America from $23.00 to $21.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 10.64% from the stock’s current price.

Several other brokerages have also issued reports on ASAN. JPMorgan Chase & Co. reduced their price target on Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a report on Tuesday, March 11th. JMP Securities set a $22.00 target price on Asana in a report on Tuesday, March 11th. Jefferies Financial Group reduced their target price on Asana from $19.00 to $15.00 and set a “hold” rating for the company in a report on Tuesday, March 11th. DA Davidson reduced their target price on Asana from $20.00 to $12.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Finally, Piper Sandler boosted their target price on Asana from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Wednesday. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $15.64.

Asana Trading Up 3.3%

NYSE:ASAN opened at $18.98 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. Asana has a 12-month low of $11.05 and a 12-month high of $27.77. The business has a 50 day simple moving average of $16.31 and a 200 day simple moving average of $18.28. The firm has a market capitalization of $4.42 billion, a P/E ratio of -16.95 and a beta of 1.23.

Asana (NYSE:ASAN) last posted its quarterly earnings data on Tuesday, June 3rd. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. The company had revenue of $187.63 million for the quarter, compared to the consensus estimate of $185.40 million. Asana had a negative return on equity of 86.84% and a negative net margin of 36.17%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.06) EPS. Equities research analysts predict that Asana will post -1.09 EPS for the current year.

Insider Activity

In related news, CEO Dustin A. Moskovitz purchased 225,000 shares of the stock in a transaction on Monday, March 17th. The shares were purchased at an average cost of $14.02 per share, for a total transaction of $3,154,500.00. Following the completion of the transaction, the chief executive officer now directly owns 48,573,436 shares of the company’s stock, valued at approximately $680,999,572.72. The trade was a 0.47% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justin Rosenstein sold 25,000 shares of the company’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $12.89, for a total value of $322,250.00. Following the completion of the sale, the director now owns 922,309 shares in the company, valued at $11,888,563.01. This trade represents a 2.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 2,074,507 shares of company stock worth $30,025,743. Company insiders own 61.28% of the company’s stock.

Institutional Trading of Asana

A number of large investors have recently bought and sold shares of ASAN. Banque Cantonale Vaudoise bought a new stake in Asana in the first quarter valued at $28,000. Quarry LP bought a new stake in Asana in the fourth quarter valued at $29,000. AlphaQuest LLC grew its position in Asana by 825.1% in the first quarter. AlphaQuest LLC now owns 2,470 shares of the company’s stock valued at $36,000 after acquiring an additional 2,203 shares during the period. Bogart Wealth LLC acquired a new position in Asana in the fourth quarter worth $61,000. Finally, SBI Securities Co. Ltd. acquired a new position in Asana in the fourth quarter worth $82,000. 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.