Asana (NYSE:ASAN) Stock Rating Lowered by Piper Sandler

Asana (NYSE:ASAN) was downgraded by stock analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued on Tuesday, MarketBeat reports. They currently have a $7.00 target price on the stock. Piper Sandler’s price objective would suggest a potential upside of 15.21% from the company’s previous close.

Several other equities research analysts have also recently issued reports on ASAN. KeyCorp cut their price target on Asana from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, March 3rd. Citigroup cut their price target on Asana from $16.00 to $13.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Royal Bank Of Canada upgraded Asana from an “underperform” rating to a “sector perform” rating and set a $7.00 price target for the company in a research note on Wednesday, April 1st. Robert W. Baird cut their price target on Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Finally, Morgan Stanley cut their price target on Asana from $14.00 to $8.00 and set an “underweight” rating for the company in a research note on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Asana has an average rating of “Hold” and an average target price of $12.32.

Asana Stock Performance

NYSE:ASAN opened at $6.08 on Tuesday. Asana has a 52 week low of $5.38 and a 52 week high of $19.00. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of -7.59 and a beta of 1.08. The firm’s 50-day simple moving average is $6.94 and its 200 day simple moving average is $10.97.

Asana (NYSE:ASAN) last released its quarterly earnings results on Monday, March 2nd. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $205.57 million for the quarter, compared to analyst estimates of $205.13 million. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. Asana’s quarterly revenue was up 9.2% on a year-over-year basis. Sell-side analysts anticipate that Asana will post -1.09 EPS for the current year.

Insiders Place Their Bets

In other Asana news, CFO Sonalee Elizabeth Parekh sold 18,717 shares of the stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $6.62, for a total transaction of $123,906.54. Following the sale, the chief financial officer directly owned 915,281 shares in the company, valued at $6,059,160.22. This represents a 2.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Veronica Sosa sold 6,479 shares of the stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $6.65, for a total transaction of $43,085.35. Following the sale, the chief accounting officer owned 73,722 shares in the company, valued at $490,251.30. The trade was a 8.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 70,226 shares of company stock worth $472,065 over the last ninety days. Corporate insiders own 61.28% of the company’s stock.

Institutional Investors Weigh In On Asana

A number of large investors have recently bought and sold shares of ASAN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Asana by 5.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,546 shares of the company’s stock worth $707,000 after buying an additional 2,328 shares in the last quarter. Empowered Funds LLC grew its stake in Asana by 40.9% during the first quarter. Empowered Funds LLC now owns 25,441 shares of the company’s stock worth $371,000 after buying an additional 7,381 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Asana by 14.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,733 shares of the company’s stock worth $3,770,000 after acquiring an additional 32,708 shares during the last quarter. American Century Companies Inc. bought a new position in shares of Asana in the second quarter worth about $158,000. Finally, Prudential Financial Inc. bought a new position in shares of Asana in the second quarter worth about $160,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

About Asana

Asana, Inc (NYSE: ASAN) is a leading provider of work management and collaboration software designed to help teams organize, track and manage their work. Founded in 2008 by Dustin Moskovitz and Justin Rosenstein, Asana’s platform enables users to create projects, assign tasks, set deadlines and visualize progress across diverse workflows. The company’s cloud-based solution includes customizable project templates, timeline views, boards and automated rules that streamline routine processes and reduce manual effort.

Built for both small teams and large enterprises, Asana supports integrations with a wide array of third-party applications, including communication tools, file-sharing services and DevOps platforms.