Piper Sandler Cuts Asana (NYSE:ASAN) Price Target to $17.00

Asana (NYSE:ASAN) had its target price decreased by Piper Sandler from $18.00 to $17.00 in a report published on Wednesday, MarketBeat.com reports. Piper Sandler currently has an overweight rating on the stock.

Several other research analysts have also weighed in on the company. DA Davidson cut their target price on Asana from $20.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. UBS Group reduced their price objective on Asana from $18.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Jefferies Financial Group dropped their target price on shares of Asana from $19.00 to $15.00 and set a “hold” rating for the company in a research report on Tuesday, March 11th. JPMorgan Chase & Co. reduced their price target on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 11th. Finally, Scotiabank dropped their price objective on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, March 11th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Asana has a consensus rating of “Hold” and a consensus price target of $15.53.

Asana Trading Up 0.1 %

Shares of ASAN stock opened at $16.00 on Wednesday. The firm’s 50-day simple moving average is $16.02 and its 200-day simple moving average is $17.37. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. Asana has a 1-year low of $11.05 and a 1-year high of $27.77. The firm has a market cap of $3.73 billion, a P/E ratio of -14.29 and a beta of 1.23.

Insider Transactions at Asana

In related news, CEO Dustin A. Moskovitz purchased 225,000 shares of Asana stock in a transaction dated Thursday, March 13th. The stock was bought at an average cost of $12.91 per share, with a total value of $2,904,750.00. Following the purchase, the chief executive officer now owns 48,123,436 shares in the company, valued at approximately $621,273,558.76. The trade was a 0.47 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Anne Raimondi sold 18,775 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $14.03, for a total transaction of $263,413.25. Following the completion of the transaction, the chief operating officer now owns 716,580 shares of the company’s stock, valued at $10,053,617.40. This trade represents a 2.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders acquired 2,074,507 shares of company stock worth $30,025,743 and sold 589,842 shares worth $12,154,003. Insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Voya Investment Management LLC grew its holdings in 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 period. Voloridge Investment Management LLC boosted its position in shares of 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 in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Asana in the 4th quarter worth approximately $38,966,000. Geode Capital Management LLC raised its holdings in shares of Asana by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock worth $21,605,000 after purchasing an additional 12,055 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in 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 purchasing an additional 261,298 shares during the last quarter. Institutional investors own 26.21% of the company’s stock.

Asana Company Profile

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.