Oppenheimer Cuts Asana (NYSE:ASAN) Price Target to $20.00

Asana (NYSE:ASAN) had its target price decreased by Oppenheimer from $23.00 to $20.00 in a research note released on Wednesday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other analysts also recently issued reports on the stock. UBS Group cut their price target on shares of Asana from $17.00 to $13.00 and set a neutral rating for the company in a report on Wednesday. KeyCorp cut their price objective on Asana from $14.00 to $13.00 and set an underweight rating for the company in a research report on Friday, May 31st. Jefferies Financial Group lowered their target price on shares of Asana from $17.00 to $16.00 and set a hold rating for the company in a research note on Friday, May 31st. Citigroup reduced their price target on shares of Asana from $17.00 to $15.00 and set a neutral rating on the stock in a research note on Wednesday, June 26th. Finally, Robert W. Baird cut their target price on Asana from $20.00 to $13.00 and set a neutral rating on the stock in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $14.67.

Asana Trading Down 6.4 %

ASAN opened at $11.78 on Wednesday. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of -10.07 and a beta of 1.16. The company’s 50 day simple moving average is $13.64 and its two-hundred day simple moving average is $14.62. Asana has a 1-year low of $11.29 and a 1-year high of $23.44. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.71 and a quick ratio of 1.71.

Asana (NYSE:ASAN) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The firm had revenue of $179.21 million for the quarter, compared to the consensus estimate of $177.68 million. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.31) earnings per share. Analysts expect that Asana will post -1.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Asana news, COO Anne Raimondi sold 26,588 shares of Asana stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $304,166.72. Following the transaction, the chief operating officer now directly owns 790,894 shares in the company, valued at $9,047,827.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Asana news, COO Anne Raimondi sold 26,588 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $304,166.72. Following the transaction, the chief operating officer now owns 790,894 shares in the company, valued at approximately $9,047,827.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eleanor B. Lacey sold 9,000 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $102,960.00. Following the transaction, the insider now directly owns 389,149 shares in the company, valued at approximately $4,451,864.56. The disclosure for this sale can be found here. Insiders sold a total of 84,443 shares of company stock worth $1,026,976 in the last 90 days. Company insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Several large investors have recently bought and sold shares of ASAN. Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Asana in the fourth quarter valued at approximately $25,246,000. Point72 Asset Management L.P. purchased a new stake in shares of Asana during the second quarter worth about $17,100,000. Champlain Investment Partners LLC raised its position in shares of Asana by 26.9% in the first quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock valued at $62,456,000 after buying an additional 854,355 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Asana by 5.6% during the first quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock valued at $144,462,000 after buying an additional 490,823 shares during the period. Finally, Norges Bank acquired a new stake in Asana during the fourth quarter worth approximately $7,500,000. Institutional investors and hedge funds own 26.21% of the company’s stock.

Asana Company Profile

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.