Asana, Inc. (NYSE:ASAN) Receives $14.67 Consensus Price Target from Brokerages

Asana, Inc. (NYSE:ASAN) has been assigned a consensus recommendation of “Hold” from the fourteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $14.67.

A number of equities research analysts have recently issued reports on the stock. Citigroup lowered their price target on shares of Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. UBS Group reduced their price target on shares of Asana from $17.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. JMP Securities lowered their price objective on Asana from $27.00 to $21.00 and set a “market outperform” rating on the stock in a research report on Wednesday, September 4th. Robert W. Baird reduced their target price on Asana from $20.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Finally, Piper Sandler decreased their target price on Asana from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th.

Insider Buying and Selling

In other Asana news, insider Eleanor B. Lacey sold 4,977 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.79, for a total value of $58,678.83. Following the completion of the sale, the insider now owns 370,333 shares in the company, valued at $4,366,226.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Eleanor B. Lacey sold 4,977 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.79, for a total transaction of $58,678.83. Following the completion of the transaction, the insider now owns 370,333 shares in the company, valued at $4,366,226.07. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Tim M. Wan sold 5,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $15.00, for a total transaction of $75,000.00. Following the completion of the sale, the chief financial officer now directly owns 1,063,909 shares of the company’s stock, valued at $15,958,635. The disclosure for this sale can be found here. Insiders have sold a total of 59,092 shares of company stock worth $752,668 in the last 90 days. 63.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Asana

Several hedge funds have recently made changes to their positions in ASAN. Gilder Gagnon Howe & Co. LLC bought a new position in Asana in the fourth quarter worth $25,246,000. Point72 Asset Management L.P. purchased a new stake in shares of Asana in the 2nd quarter worth about $17,100,000. Champlain Investment Partners LLC grew its position in shares of Asana by 26.9% in the 1st quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock worth $62,456,000 after buying an additional 854,355 shares during the period. Vanguard Group Inc. increased its stake in shares of Asana by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock worth $144,462,000 after acquiring an additional 490,823 shares in the last quarter. Finally, Norges Bank purchased a new position in Asana during the 4th quarter valued at about $7,500,000. 26.21% of the stock is currently owned by institutional investors.

Asana Stock Down 3.6 %

ASAN opened at $11.18 on Friday. Asana has a 12 month low of $11.05 and a 12 month high of $23.44. The company has a market cap of $2.55 billion, a PE ratio of -9.55 and a beta of 1.16. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average of $12.95 and a 200 day moving average of $13.82.

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

Asana declared that its board has approved a stock repurchase program on Thursday, June 20th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.