Robert W. Baird Issues Positive Forecast for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its target price increased by equities research analysts at Robert W. Baird from $13.00 to $15.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Robert W. Baird’s price target points to a potential downside of 20.97% from the stock’s previous close.

A number of other brokerages also recently issued reports on ASAN. UBS Group decreased their price target on Asana from $18.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. JMP Securities restated a “market outperform” rating and issued a $22.00 price target on shares of Asana in a research report on Wednesday. Bank of America dropped their price target on Asana from $23.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. dropped their price target on Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research 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 research report on Wednesday. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $15.64.

Asana Trading Up 3.3%

Shares of Asana stock opened at $18.98 on Wednesday. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of -16.95 and a beta of 1.23. Asana has a fifty-two week low of $11.05 and a fifty-two week high of $27.77. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a 50 day moving average of $16.31 and a 200 day moving average of $18.28.

Asana (NYSE:ASAN) last released its quarterly earnings results 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 analysts’ expectations of $185.40 million. Asana had a negative return on equity of 86.84% and a negative net margin of 36.17%. The firm’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.06) earnings per share. As a group, research analysts predict that Asana will post -1.09 earnings per share for the current year.

Insider Activity at Asana

In other news, COO Anne Raimondi sold 18,775 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $14.03, for a total transaction of $263,413.25. Following the completion of the sale, the chief operating officer now directly owns 716,580 shares in the company, valued at $10,053,617.40. This represents a 2.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Dustin A. Moskovitz acquired 50,000 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were purchased at an average price of $15.84 per share, with a total value of $792,000.00. Following the completion of the acquisition, the chief executive officer now owns 51,398,436 shares in the company, valued at approximately $814,151,226.24. The trade was a 0.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 2,074,507 shares of company stock valued at $30,025,743. 61.28% of the stock is owned by corporate insiders.

Institutional Trading of Asana

Several large investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC increased its holdings in Asana by 8.1% in the 4th quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock valued at $254,166,000 after purchasing an additional 937,726 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Asana by 4.7% in the first quarter. Vanguard Group Inc. now owns 10,656,214 shares of the company’s stock worth $155,261,000 after acquiring an additional 475,100 shares during the last quarter. Voloridge Investment Management LLC lifted its holdings in Asana by 25.6% in the fourth quarter. Voloridge Investment Management LLC now owns 2,149,680 shares of the company’s stock worth $43,574,000 after acquiring an additional 438,057 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Asana during the fourth quarter valued at approximately $38,966,000. Finally, First Trust Advisors LP raised its holdings in shares of Asana by 17.6% during the fourth quarter. First Trust Advisors LP now owns 1,743,981 shares of the company’s stock valued at $35,350,000 after buying an additional 261,298 shares during 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.