Asana (NYSE:ASAN) Receives New Coverage from Analysts at Moffett Nathanson

Moffett Nathanson initiated coverage on shares of Asana (NYSE:ASANGet Rating) in a report published on Thursday, The Fly reports. The brokerage issued a market perform rating and a $26.00 price target on the stock.

Several other equities research analysts have also recently issued reports on ASAN. Wolfe Research raised their target price on shares of Asana from $22.00 to $23.75 and gave the stock an outperform rating in a report on Thursday, September 8th. JMP Securities dropped their target price on shares of Asana from $63.00 to $43.00 and set a market outperform rating on the stock in a report on Friday, June 3rd. Robert W. Baird dropped their target price on shares of Asana from $65.00 to $31.00 and set an outperform rating on the stock in a report on Friday, June 3rd. Citigroup raised their target price on shares of Asana from $23.00 to $24.00 and gave the stock a neutral rating in a report on Thursday, September 8th. Finally, Piper Sandler raised their target price on shares of Asana from $22.00 to $28.00 and gave the stock an overweight rating in a report on Thursday, September 8th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Asana has an average rating of Hold and a consensus price target of $33.60.

Asana Price Performance

Shares of ASAN opened at $21.93 on Thursday. The company has a market capitalization of $4.21 billion, a P/E ratio of -11.19 and a beta of 1.82. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average of $21.83 and a 200 day moving average of $25.59. Asana has a twelve month low of $16.19 and a twelve month high of $145.79.

Asana (NYSE:ASANGet Rating) last announced its quarterly earnings results on Wednesday, September 7th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.05. The company had revenue of $134.90 million during the quarter, compared to the consensus estimate of $127.27 million. Asana had a negative net margin of 79.34% and a negative return on equity of 212.28%. The firm’s quarterly revenue was up 50.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.36) earnings per share. As a group, equities research analysts anticipate that Asana will post -2.12 earnings per share for the current fiscal year.

Insider Transactions at Asana

In other Asana news, CEO Dustin A. Moskovitz purchased 19,273,127 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were acquired at an average price of $18.16 per share, for a total transaction of $349,999,986.32. Following the purchase, the chief executive officer now directly owns 39,112,803 shares of the company’s stock, valued at approximately $710,288,502.48. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 61.87% of the company’s stock.

Institutional Trading of Asana

Several institutional investors and hedge funds have recently modified their holdings of the company. Champlain Investment Partners LLC raised its position in shares of Asana by 26.5% during the 1st quarter. Champlain Investment Partners LLC now owns 5,708,224 shares of the company’s stock valued at $228,158,000 after purchasing an additional 1,194,595 shares during the period. Himension Capital Singapore PTE. LTD. increased its holdings in Asana by 152.1% in the 2nd quarter. Himension Capital Singapore PTE. LTD. now owns 4,231,366 shares of the company’s stock valued at $74,387,000 after acquiring an additional 2,552,901 shares during the last quarter. Discovery Value Fund increased its holdings in Asana by 71.1% in the 1st quarter. Discovery Value Fund now owns 2,238,543 shares of the company’s stock valued at $89,475,000 after acquiring an additional 929,959 shares during the last quarter. State Street Corp increased its holdings in Asana by 6.5% in the 1st quarter. State Street Corp now owns 2,175,814 shares of the company’s stock valued at $86,967,000 after acquiring an additional 131,911 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Asana by 26.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,577,500 shares of the company’s stock valued at $63,053,000 after acquiring an additional 331,400 shares during the last quarter. 28.22% of the stock is currently owned by institutional investors.

About Asana

(Get Rating)

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. The company's platform enables teams to orchestrate work from daily tasks to cross-functional strategic initiatives; and manages product launches, marketing campaigns, and organization-wide goal settings.

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