Asana’s (ASAN) Underperform Rating Reaffirmed at Royal Bank of Canada

Asana (NYSE:ASAN – Get Rating)‘s stock had its “underperform” rating reissued by analysts at Royal Bank of Canada in a research report issued on Thursday, Benzinga reports. They presently have a $10.00 price objective on the stock. Royal Bank of Canada’s price target would indicate a potential downside of 47.78% from the company’s previous close.

A number of other equities analysts also recently weighed in on ASAN. Morgan Stanley dropped their target price on Asana from $26.00 to $19.00 and set an “equal weight” rating on the stock in a report on Friday, December 2nd. JMP Securities increased their price objective on Asana from $21.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday. Piper Jaffray Companies increased their price objective on Asana from $13.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday. Citigroup dropped their price objective on Asana from $21.00 to $19.00 in a report on Friday, December 2nd. Finally, DA Davidson increased their price objective on Asana from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $21.63.

Asana Price Performance

Shares of ASAN opened at $19.15 on Thursday. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -9.39 and a beta of 1.23. Asana has a fifty-two week low of $11.32 and a fifty-two week high of $47.28. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.11 and a quick ratio of 2.11. The business’s 50-day moving average is $15.16 and its 200-day moving average is $17.79.

Institutional Investors Weigh In On Asana

Hedge funds have recently modified their holdings of the business. Rafferty Asset Management LLC boosted its position in shares of Asana by 88.2% in the second quarter. Rafferty Asset Management LLC now owns 48,752 shares of the company’s stock valued at $857,000 after acquiring an additional 22,854 shares during the period. First Trust Advisors LP boosted its position in shares of Asana by 11.7% in the third quarter. First Trust Advisors LP now owns 1,150,108 shares of the company’s stock valued at $25,567,000 after acquiring an additional 120,270 shares during the period. Two Sigma Investments LP boosted its position in shares of Asana by 46.7% in the third quarter. Two Sigma Investments LP now owns 1,498,281 shares of the company’s stock valued at $33,307,000 after acquiring an additional 477,239 shares during the period. Diversified Trust Co boosted its position in shares of Asana by 22.9% in the third quarter. Diversified Trust Co now owns 30,220 shares of the company’s stock valued at $672,000 after acquiring an additional 5,635 shares during the period. Finally, Brooklyn FI LLC bought a new stake in shares of Asana in the third quarter valued at approximately $279,000. 28.22% of the stock is owned by institutional investors.

About Asana

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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.