Asana (NYSE:ASAN) Upgraded by Royal Bank Of Canada to Sector Perform Rating

Royal Bank Of Canada upgraded shares of Asana (NYSE:ASAN) from an underperform rating to a sector perform rating in a research report released on Wednesday, MarketBeat reports. Royal Bank Of Canada currently has $7.00 price target on the stock.

Several other equities analysts have also recently weighed in on ASAN. Robert W. Baird decreased their price objective on Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. BTIG Research assumed coverage on Asana in a research report on Tuesday, December 16th. They set a “neutral” rating for the company. KeyCorp decreased 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. Morgan Stanley lowered their price target on Asana from $14.00 to $8.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 3rd. Finally, Wall Street Zen upgraded Asana from a “hold” rating to a “buy” rating in a research note on Sunday, January 11th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, Asana has an average rating of “Hold” and a consensus target price of $12.46.

Asana Trading Down 1.0%

Shares of ASAN opened at $6.34 on Wednesday. Asana has a 12 month low of $5.87 and a 12 month high of $19.00. The firm has a fifty day simple moving average of $7.84 and a 200 day simple moving average of $11.53. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of -7.92 and a beta of 1.08.

Asana (NYSE:ASAN) last issued its quarterly earnings results on Monday, March 2nd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. The firm had revenue of $205.57 million for the quarter, compared to analyst estimates of $205.13 million. Asana’s revenue was up 9.2% compared to the same quarter last year. As a group, research analysts predict that Asana will post -1.09 earnings per share for the current fiscal year.

Insider Activity at Asana

In other Asana news, insider Katie Marie Colendich sold 7,304 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $7.42, for a total transaction of $54,195.68. Following the transaction, the insider owned 108,214 shares of the company’s stock, valued at $802,947.88. The trade was a 6.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 18,717 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $6.62, for a total value of $123,906.54. Following the completion of the sale, the chief financial officer owned 915,281 shares in the company, valued at $6,059,160.22. This represents a 2.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 70,226 shares of company stock worth $472,065. Insiders own 61.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. FNY Investment Advisers LLC bought a new stake in Asana in the 3rd quarter valued at $27,000. Farther Finance Advisors LLC boosted its position in Asana by 119.7% during the third quarter. Farther Finance Advisors LLC now owns 2,553 shares of the company’s stock worth $34,000 after purchasing an additional 1,391 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of Asana by 137.7% in the third quarter. Jones Financial Companies Lllp now owns 2,463 shares of the company’s stock valued at $34,000 after purchasing an additional 1,427 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Asana in the fourth quarter valued at $50,000. Finally, Daiwa Securities Group Inc. raised its position in shares of Asana by 64.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,371 shares of the company’s stock valued at $59,000 after purchasing an additional 1,706 shares during the period. 26.21% of the stock is currently owned by institutional investors.

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.