Asana (NYSE:ASAN) Upgraded at Piper Sandler

Asana (NYSE:ASAN) was upgraded by investment analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report released on Monday, MarketBeat reports. The brokerage presently has a $27.00 target price on the stock, up from their previous target price of $19.00. Piper Sandler’s price objective would indicate a potential upside of 32.42% from the company’s current price.

Other research analysts also recently issued reports about the stock. DA Davidson boosted their price objective on shares of Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. upped their price target on shares of Asana from $13.00 to $15.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Royal Bank of Canada restated an “underperform” rating and issued a $10.00 target price on shares of Asana in a research note on Friday, December 6th. Morgan Stanley raised their price target on Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Friday, December 6th. Finally, JMP Securities increased their price objective on Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $17.27.

Asana Stock Down 6.5 %

Shares of Asana stock opened at $20.39 on Monday. Asana has a 1 year low of $11.05 and a 1 year high of $27.77. The company has a market cap of $4.66 billion, a P/E ratio of -18.21 and a beta of 1.10. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average price of $18.09 and a 200 day moving average price of $14.72.

Insider Buying and Selling at Asana

In other news, COO Anne Raimondi sold 27,233 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the sale, the chief operating officer now directly owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. This represents a 3.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

Large investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. acquired a new stake in Asana in the 2nd quarter worth $17,100,000. JPMorgan Chase & Co. increased its stake in Asana by 105.6% during the third quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock valued at $9,650,000 after acquiring an additional 427,576 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Asana in the 2nd quarter valued at approximately $5,169,000. Marshall Wace LLP acquired a new position in Asana in the 2nd quarter valued at approximately $3,159,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Asana during the 2nd quarter worth approximately $3,050,000. 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.