Asana (NYSE:ASAN) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Asana (NYSE:ASANGet Rating) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Asana Inc. provides work management platform as software as service which enables individuals and teams to get work done. Asana Inc. is based in San Francisco, California. “

ASAN has been the topic of a number of other research reports. KeyCorp cut their target price on Asana from $97.00 to $61.00 and set an overweight rating on the stock in a research note on Thursday, March 10th. Morgan Stanley lowered their target price on shares of Asana from $64.00 to $42.00 and set an equal weight rating on the stock in a report on Monday, March 14th. Oppenheimer cut their target price on shares of Asana from $115.00 to $100.00 and set an outperform rating for the company in a research report on Wednesday, January 12th. Robert W. Baird cut their price target on shares of Asana from $110.00 to $65.00 in a research report on Thursday, March 10th. Finally, JPMorgan Chase & Co. lowered shares of Asana from a neutral rating to an underweight rating and cut their price target for the company from $66.00 to $32.00 in a research report on Thursday, March 10th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $61.54.

ASAN opened at $18.74 on Wednesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 1.61. The business’s 50-day simple moving average is $35.72 and its 200 day simple moving average is $65.71. The firm has a market capitalization of $3.54 billion, a PE ratio of -11.57 and a beta of 1.90. Asana has a 52-week low of $18.47 and a 52-week high of $145.79.

Asana (NYSE:ASANGet Rating) last released its quarterly earnings data on Wednesday, March 9th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.05). The firm had revenue of $111.95 million for the quarter, compared to analyst estimates of $105.18 million. Asana had a negative net margin of 76.19% and a negative return on equity of 158.77%. The company’s revenue was up 63.7% compared to the same quarter last year. During the same period last year, the business earned ($0.32) EPS. On average, research analysts forecast that Asana will post -2.13 earnings per share for the current year.

In related news, CFO Tim M. Wan sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 22nd. The shares were sold at an average price of $62.60, for a total value of $1,252,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eleanor B. Lacey sold 4,167 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $29.50, for a total transaction of $122,926.50. Following the completion of the sale, the insider now owns 165,076 shares in the company, valued at approximately $4,869,742. The disclosure for this sale can be found here. In the last quarter, insiders have bought 1,500,000 shares of company stock worth $93,975,000 and have sold 38,026 shares worth $1,871,164. Corporate insiders own 54.43% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. HighTower Advisors LLC boosted its stake in shares of Asana by 3.9% during the 1st quarter. HighTower Advisors LLC now owns 73,437 shares of the company’s stock worth $2,936,000 after acquiring an additional 2,757 shares during the last quarter. Blueshift Asset Management LLC purchased a new position in shares of Asana during the 1st quarter worth $343,000. Jeneq Management LP purchased a new position in shares of Asana during the 1st quarter worth $276,000. Seven Eight Capital LP purchased a new position in shares of Asana during the 1st quarter worth $368,000. Finally, GSA Capital Partners LLP boosted its stake in shares of Asana by 268.0% during the 1st quarter. GSA Capital Partners LLP now owns 17,421 shares of the company’s stock worth $696,000 after acquiring an additional 12,687 shares during the last quarter. Institutional investors and hedge funds own 92.50% of the company’s stock.

Asana Company Profile (Get Rating)

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. The company's platform enables teams to orchestrate work from daily tasks to cross-functional strategic initiatives; and manages product launches, marketing campaigns, and organization-wide goal settings.

See Also

Get a free copy of the Zacks research report on Asana (ASAN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Asana (NYSE:ASAN)

Receive News & Ratings for Asana Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Asana and related companies with MarketBeat.com's FREE daily email newsletter.