Asana (NYSE:ASAN) Given “Underperform” Rating at Royal Bank of Canada

Royal Bank of Canada reissued their underperform rating on shares of Asana (NYSE:ASAN) in a report issued on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a $10.00 price target on the stock.

Several other analysts have also commented on the stock. JMP Securities reiterated a market outperform rating and issued a $30.00 price target on shares of Asana in a research report on Wednesday. Oppenheimer upped their price objective on Asana from $25.00 to $28.00 in a research report on Friday, June 2nd. DA Davidson downgraded Asana from a buy rating to a neutral rating and set a $21.00 price objective on the stock. in a research report on Friday, June 2nd. Finally, Citigroup boosted their price objective on shares of Asana from $24.00 to $26.00 in a research report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $22.55.

Asana Trading Down 13.2 %

Shares of ASAN stock opened at $18.79 on Wednesday. Asana has a fifty-two week low of $11.32 and a fifty-two week high of $28.92. The stock has a market cap of $4.07 billion, a P/E ratio of -10.44 and a beta of 1.24. The business has a fifty day simple moving average of $21.87 and a 200-day simple moving average of $20.39. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.13.

Asana (NYSE:ASAN) last announced its quarterly earnings results on Tuesday, September 5th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.07. The business had revenue of $162.46 million during the quarter, compared to analysts’ expectations of $157.91 million. Asana had a negative return on equity of 121.25% and a negative net margin of 63.97%. The business’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.59) earnings per share. On average, analysts forecast that Asana will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Dustin A. Moskovitz purchased 80,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was purchased at an average cost of $21.47 per share, for a total transaction of $1,717,600.00. Following the acquisition, the chief executive officer now owns 42,282,802 shares in the company, valued at $907,811,758.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Dustin A. Moskovitz acquired 507,500 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were purchased at an average price of $20.02 per share, for a total transaction of $10,160,150.00. Following the acquisition, the chief executive officer now directly owns 41,700,303 shares of the company’s stock, valued at approximately $834,840,066.06. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Dustin A. Moskovitz acquired 80,000 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was purchased at an average price of $21.47 per share, for a total transaction of $1,717,600.00. Following the acquisition, the chief executive officer now directly owns 42,282,802 shares in the company, valued at $907,811,758.94. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 1,627,500 shares of company stock valued at $34,884,950 and sold 359,959 shares valued at $8,933,088. Corporate insiders own 63.26% of the company’s stock.

Hedge Funds Weigh In On Asana

Institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE increased its holdings in Asana by 118.7% during the 1st quarter. US Bancorp DE now owns 1,216 shares of the company’s stock worth $26,000 after purchasing an additional 660 shares during the last quarter. FMR LLC increased its holdings in Asana by 120.4% during the 2nd quarter. FMR LLC now owns 1,578 shares of the company’s stock worth $28,000 after purchasing an additional 862 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in Asana during the 1st quarter worth approximately $33,000. Harvest Fund Management Co. Ltd acquired a new position in Asana during the 1st quarter worth $33,000. Finally, Advisors Asset Management Inc. grew its holdings in Asana by 47.0% during the 1st quarter. Advisors Asset Management Inc. now owns 2,715 shares of the company’s stock worth $109,000 after acquiring an additional 868 shares in the last quarter. 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; and manages product launches, marketing campaigns, and organization-wide goal settings.