Asana, Inc. (NYSE:ASAN) Receives Consensus Rating of “Reduce” from Brokerages

Shares of Asana, Inc. (NYSE:ASAN) have been given an average rating of “Reduce” by the eleven brokerages that are currently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $20.67.

ASAN has been the subject of several recent research reports. KeyCorp initiated coverage on Asana in a research report on Thursday, March 21st. They issued an “underweight” rating and a $14.00 price target for the company. Bank of America initiated coverage on Asana in a research report on Monday, February 26th. They issued a “buy” rating and a $25.00 price target for the company. Finally, Piper Sandler boosted their price target on Asana from $16.00 to $18.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 2nd.

Insider Buying and Selling at Asana

In related news, CFO Tim M. Wan sold 10,105 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $15.38, for a total value of $155,414.90. Following the completion of the sale, the chief financial officer now owns 753,888 shares of the company’s stock, valued at $11,594,797.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Asana news, insider Eleanor B. Lacey sold 4,462 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $15.47, for a total transaction of $69,027.14. Following the completion of the sale, the insider now owns 220,739 shares of the company’s stock, valued at $3,414,832.33. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Tim M. Wan sold 10,105 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $15.38, for a total value of $155,414.90. Following the sale, the chief financial officer now directly owns 753,888 shares of the company’s stock, valued at approximately $11,594,797.44. The disclosure for this sale can be found here. Insiders sold 31,733 shares of company stock valued at $488,886 over the last quarter. 63.26% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ASAN. AlphaCrest Capital Management LLC purchased a new position in Asana in the first quarter valued at $441,000. Bank of Montreal Can boosted its holdings in Asana by 28.8% in the first quarter. Bank of Montreal Can now owns 88,411 shares of the company’s stock valued at $3,689,000 after purchasing an additional 19,777 shares during the period. MetLife Investment Management LLC boosted its holdings in Asana by 53.5% in the first quarter. MetLife Investment Management LLC now owns 39,495 shares of the company’s stock valued at $1,579,000 after purchasing an additional 13,757 shares during the period. Panagora Asset Management Inc. raised its stake in Asana by 170.0% in the first quarter. Panagora Asset Management Inc. now owns 14,596 shares of the company’s stock valued at $583,000 after buying an additional 9,191 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in Asana by 2.3% in the first quarter. Rhumbline Advisers now owns 76,708 shares of the company’s stock valued at $3,066,000 after buying an additional 1,716 shares in the last quarter. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Asana Price Performance

ASAN opened at $15.27 on Friday. The business has a fifty day moving average of $17.33 and a 200 day moving average of $18.47. Asana has a 52-week low of $14.63 and a 52-week high of $26.27. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.13. The stock has a market cap of $3.43 billion, a P/E ratio of -13.05 and a beta of 1.23.

Asana (NYSE:ASAN) last issued its earnings results on Monday, March 11th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.06. Asana had a negative return on equity of 75.22% and a negative net margin of 39.39%. The business had revenue of $171.14 million during the quarter, compared to analysts’ expectations of $167.59 million. As a group, sell-side analysts anticipate that Asana will post -1.08 EPS for the current year.

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.