Asana (NYSE:ASAN) Stock Rating Reaffirmed by Royal Bank of Canada

Asana (NYSE:ASAN – Get Rating)‘s stock had its “underperform” rating reissued by Royal Bank of Canada in a note issued to investors on Thursday, Benzinga reports. They presently have a $10.00 price objective on the stock. Royal Bank of Canada’s price target would suggest a potential downside of 47.78% from the company’s previous close.

ASAN has been the topic of a number of other reports. Piper Jaffray Companies boosted their target price on shares of Asana from $13.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday. DA Davidson lifted their price target on shares of Asana from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. dropped their price target on shares of Asana from $22.00 to $19.00 and set an “underweight” rating for the company in a research note on Monday, November 28th. Oppenheimer dropped their price target on shares of Asana to $25.00 in a research note on Friday, December 2nd. Finally, JMP Securities lifted their price target on shares of Asana from $21.00 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $21.63.

Asana Trading Down 9.5 %

NYSE ASAN opened at $19.15 on Thursday. The company’s fifty day simple moving average is $15.16 and its 200-day simple moving average is $17.79. Asana has a 52 week low of $11.32 and a 52 week high of $47.28. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.08. The stock has a market cap of $4.07 billion, a P/E ratio of -9.39 and a beta of 1.23.

Hedge Funds Weigh In On Asana

Institutional investors have recently modified their holdings of the company. Rafferty Asset Management LLC grew its position in shares of Asana by 88.2% during the second quarter. Rafferty Asset Management LLC now owns 48,752 shares of the company’s stock worth $857,000 after acquiring an additional 22,854 shares during the last quarter. First Trust Advisors LP lifted its holdings in Asana by 11.7% in the third quarter. First Trust Advisors LP now owns 1,150,108 shares of the company’s stock worth $25,567,000 after purchasing an additional 120,270 shares during the period. Two Sigma Investments LP lifted its holdings in Asana by 46.7% in the third quarter. Two Sigma Investments LP now owns 1,498,281 shares of the company’s stock worth $33,307,000 after purchasing an additional 477,239 shares during the period. Diversified Trust Co lifted its holdings in Asana by 22.9% in the third quarter. Diversified Trust Co now owns 30,220 shares of the company’s stock worth $672,000 after purchasing an additional 5,635 shares during the period. Finally, Brooklyn FI LLC acquired a new stake in Asana in the third quarter worth about $279,000. Institutional investors own 28.22% of the company’s stock.

About Asana

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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.