Asana (NYSE:ASAN) Earns Sector Perform Rating from Analysts at Scotiabank

Equities research analysts at Scotiabank started coverage on shares of Asana (NYSE:ASAN) in a research report issued on Monday,Benzinga reports. The brokerage set a “sector perform” rating and a $15.00 price target on the stock. Scotiabank’s price objective would suggest a potential upside of 8.62% from the stock’s current price.

A number of other brokerages also recently issued reports on ASAN. DA Davidson upped their price objective on Asana from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada restated an “underperform” rating and set a $10.00 price target on shares of Asana in a report on Wednesday, October 23rd. Morgan Stanley dropped their price objective on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 20th. Oppenheimer cut their price objective on shares of Asana from $23.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Finally, JMP Securities lowered their target price on shares of Asana from $27.00 to $21.00 and set a “market outperform” rating for the company in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Asana presently has a consensus rating of “Hold” and an average target price of $14.27.

Asana Price Performance

Shares of NYSE ASAN traded down $0.09 during mid-day trading on Monday, reaching $13.81. The company’s stock had a trading volume of 1,361,879 shares, compared to its average volume of 1,991,221. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63. Asana has a 52 week low of $11.05 and a 52 week high of $23.44. The stock has a fifty day moving average of $12.28 and a two-hundred day moving average of $13.27. The firm has a market capitalization of $3.15 billion, a PE ratio of -12.01 and a beta of 1.13.

Asana (NYSE:ASAN) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The business had revenue of $179.21 million for the quarter, compared to analysts’ expectations of $177.68 million. During the same quarter in the previous year, the company earned ($0.31) EPS. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Asana will post -1.14 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Eleanor B. Lacey sold 9,308 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $111,602.92. Following the transaction, the insider now owns 375,310 shares of the company’s stock, valued at $4,499,966.90. This represents a 2.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Anne Raimondi sold 29,807 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total transaction of $357,385.93. Following the completion of the transaction, the chief operating officer now owns 761,088 shares in the company, valued at $9,125,445.12. This represents a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 44,092 shares of company stock valued at $527,668 in the last three months. 63.97% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC increased its position in Asana by 327.9% during the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after purchasing an additional 2,220 shares during the period. KBC Group NV boosted its stake in shares of Asana by 52.1% in the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after buying an additional 1,211 shares in the last quarter. Quest Partners LLC acquired a new position in Asana during the third quarter worth $43,000. Redwood Wealth Management Group LLC purchased a new position in Asana in the second quarter worth $65,000. Finally, Daiwa Securities Group Inc. lifted its holdings in Asana by 26.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after acquiring an additional 1,028 shares during the period. 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.