Scotiabank Issues Positive Forecast for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its price objective increased by Scotiabank from $12.00 to $16.50 in a report released on Wednesday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

ASAN has been the subject of a number of other research reports. DA Davidson cut their target price on shares of Asana from $20.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Morgan Stanley lowered Asana from an “equal weight” rating to an “underweight” rating and set a $14.00 price objective on the stock. in a research note on Tuesday, May 20th. Royal Bank of Canada reissued an “underperform” rating and set a $10.00 price objective on shares of Asana in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a research note on Tuesday, March 11th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Asana in a research report on Wednesday. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Asana presently has an average rating of “Hold” and a consensus target price of $15.97.

Asana Stock Up 1.0%

ASAN opened at $14.87 on Wednesday. The firm has a market cap of $3.47 billion, a P/E ratio of -13.28 and a beta of 1.23. 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 business has a 50 day moving average price of $16.31 and a 200 day moving average price of $18.27. Asana has a twelve month low of $11.05 and a twelve month high of $27.77.

Asana (NYSE:ASAN) last released its quarterly earnings results on Tuesday, June 3rd. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.03. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%. The company had revenue of $187.63 million for the quarter, compared to analyst estimates of $185.40 million. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.06) earnings per share. Research analysts forecast that Asana will post -1.09 EPS for the current year.

Insider Activity

In other Asana news, CEO Dustin A. Moskovitz purchased 225,000 shares of the business’s stock in a transaction on Monday, March 17th. The stock was purchased at an average price of $14.02 per share, for a total transaction of $3,154,500.00. Following the completion of the purchase, the chief executive officer now directly owns 48,573,436 shares in the company, valued at approximately $680,999,572.72. This trade represents a 0.47% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Justin Rosenstein sold 25,000 shares of the company’s stock in a transaction that occurred 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 approximately $11,888,563.01. This 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 Investors Weigh In On Asana

Institutional investors and hedge funds have recently made changes to their positions in the company. Banque Cantonale Vaudoise acquired a new stake in shares of Asana during the 1st quarter worth about $28,000. Quarry LP acquired a new position in Asana in the fourth quarter valued at about $29,000. AlphaQuest LLC boosted 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 buying an additional 2,203 shares in the last quarter. Bogart Wealth LLC bought a new stake in Asana during the fourth quarter worth about $61,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Asana during the fourth quarter worth approximately $82,000. Institutional investors and hedge funds 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.