Royal Bank Of Canada Upgrades Asana (NYSE:ASAN) to “Sector Perform”

Asana (NYSE:ASAN) was upgraded by equities research analysts at Royal Bank Of Canada from an “underperform” rating to a “sector perform” rating in a note issued to investors on Wednesday,Finviz reports. The firm currently has a $7.00 price target on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 9.46% from the stock’s previous close.

ASAN has been the topic of a number of other research reports. KeyCorp dropped their price objective on Asana from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, March 3rd. Robert W. Baird reduced their target price on Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. HSBC set a $8.00 target price on shares of Asana in a research report on Friday, February 13th. Morgan Stanley lowered their price target on shares of Asana from $14.00 to $8.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 3rd. Finally, UBS Group cut their price target on shares of Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Asana presently has an average rating of “Hold” and an average price target of $12.46.

Asana Stock Performance

Shares of Asana stock opened at $6.40 on Wednesday. Asana has a one year low of $5.87 and a one year high of $19.00. The company has a market cap of $1.52 billion, a P/E ratio of -7.99 and a beta of 1.01. The firm has a fifty day moving average of $7.93 and a two-hundred day moving average of $11.56.

Asana (NYSE:ASAN) last issued its quarterly earnings results on Monday, March 2nd. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $205.57 million for the quarter, compared to analyst estimates of $205.13 million. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. As a group, equities analysts predict that Asana will post -1.09 earnings per share for the current year.

Insider Buying and Selling

In other Asana news, CAO Veronica Sosa sold 6,479 shares of the company’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.65, for a total value of $43,085.35. Following the sale, the chief accounting officer owned 73,722 shares of the company’s stock, valued at approximately $490,251.30. This represents a 8.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 34,151 shares of Asana stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $6.65, for a total transaction of $227,104.15. Following the transaction, the chief financial officer owned 933,998 shares of the company’s stock, valued at approximately $6,211,086.70. The trade was a 3.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 70,226 shares of company stock valued at $472,065. 61.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Asana by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 13,173,305 shares of the company’s stock valued at $180,606,000 after buying an additional 48,847 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in Asana by 12.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,214,591 shares of the company’s stock worth $71,492,000 after buying an additional 565,681 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Asana by 53.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,791,902 shares of the company’s stock worth $38,277,000 after acquiring an additional 977,107 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Asana by 35.1% in the fourth quarter. Marshall Wace LLP now owns 2,653,145 shares of the company’s stock worth $36,375,000 after acquiring an additional 689,546 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Asana by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 2,077,529 shares of the company’s stock valued at $28,488,000 after acquiring an additional 10,034 shares in the last quarter. 26.21% of the stock is currently owned by institutional investors and hedge funds.

About Asana

Asana, Inc (NYSE: ASAN) is a leading provider of work management and collaboration software designed to help teams organize, track and manage their work. Founded in 2008 by Dustin Moskovitz and Justin Rosenstein, Asana’s platform enables users to create projects, assign tasks, set deadlines and visualize progress across diverse workflows. The company’s cloud-based solution includes customizable project templates, timeline views, boards and automated rules that streamline routine processes and reduce manual effort.

Built for both small teams and large enterprises, Asana supports integrations with a wide array of third-party applications, including communication tools, file-sharing services and DevOps platforms.