Morgan Stanley Has Lowered Expectations for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its price target decreased by stock analysts at Morgan Stanley from $15.00 to $14.00 in a report released on Wednesday, MarketBeat reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential downside of 5.63% from the company’s current price.

ASAN has been the subject of a number of other research reports. Robert W. Baird decreased their price target on Asana from $23.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Piper Sandler decreased their target price on shares of Asana from $27.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, March 11th. Citigroup lifted their price target on shares of Asana from $16.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. lowered their target price on Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a research note on Tuesday, March 11th. Finally, JMP Securities set a $22.00 price target on Asana in a research note on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Asana presently has a consensus rating of “Hold” and a consensus price target of $15.60.

Asana Trading Down 1.4 %

Shares of ASAN opened at $14.84 on Wednesday. Asana has a 12 month low of $11.05 and a 12 month high of $27.77. The stock’s 50-day moving average is $17.00 and its two-hundred day moving average is $17.22. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market cap of $3.46 billion, a PE ratio of -13.25 and a beta of 1.23.

Insiders Place Their Bets

In other Asana news, Director Justin Rosenstein sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $21.67, for a total value of $4,334,000.00. Following the transaction, the director now owns 1,847,309 shares of the company’s stock, valued at $40,031,186.03. This trade represents a 9.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Dustin A. Moskovitz bought 50,000 shares of the stock in a transaction dated Tuesday, April 15th. The shares were bought at an average cost of $15.84 per share, with a total value of $792,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 51,398,436 shares of the company’s stock, valued at approximately $814,151,226.24. The trade was a 0.10 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 2,074,507 shares of company stock valued at $30,025,743 and sold 739,842 shares valued at $15,155,503. 63.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Asana

Large investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC grew its position in shares of Asana by 8.1% during the fourth quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock worth $254,166,000 after acquiring an additional 937,726 shares during the last quarter. Voloridge Investment Management LLC boosted its stake in Asana by 25.6% during the 4th quarter. Voloridge Investment Management LLC now owns 2,149,680 shares of the company’s stock valued at $43,574,000 after purchasing an additional 438,057 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in Asana in the 4th quarter worth about $38,966,000. Geode Capital Management LLC increased its stake in shares of Asana by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock valued at $21,605,000 after purchasing an additional 12,055 shares during the period. Finally, First Trust Advisors LP raised its holdings in shares of Asana by 17.6% during the fourth quarter. First Trust Advisors LP now owns 1,743,981 shares of the company’s stock valued at $35,350,000 after buying an additional 261,298 shares during the last quarter. 26.21% of the stock is owned by institutional investors and hedge funds.

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.