Piper Sandler Issues Pessimistic Forecast for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its price objective lowered by equities researchers at Piper Sandler from $27.00 to $18.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 33.88% from the company’s current price.

ASAN has been the topic of a number of other research reports. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $10.00 target price on shares of Asana in a research note on Friday, December 6th. DA Davidson increased their target price on Asana from $13.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Morgan Stanley increased their target price on Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Friday, December 6th. Robert W. Baird lowered their price target on Asana from $23.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday. Finally, JMP Securities raised their target price on Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $15.87.

Asana Stock Performance

ASAN opened at $13.45 on Tuesday. Asana has a 1-year low of $11.05 and a 1-year high of $27.77. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The stock’s 50 day simple moving average is $20.26 and its 200 day simple moving average is $16.84. The stock has a market cap of $3.08 billion, a P/E ratio of -12.00 and a beta of 1.13.

Insiders Place Their Bets

In other news, Director Justin Rosenstein sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $19.76, for a total transaction of $2,964,000.00. Following the completion of the transaction, the director now directly owns 1,097,309 shares in the company, valued at approximately $21,682,825.84. The trade was a 12.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $21.71, for a total value of $591,228.43. Following the transaction, the chief operating officer now owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. This represents a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 723,300 shares of company stock valued at $15,161,068 over the last quarter. Insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

A number of institutional investors have recently added to or reduced their stakes in the company. Vise Technologies Inc. lifted its position in Asana by 6.5% in the fourth quarter. Vise Technologies Inc. now owns 15,809 shares of the company’s stock worth $320,000 after purchasing an additional 959 shares during the period. KBC Group NV raised its stake in Asana by 52.1% during the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after purchasing an additional 1,211 shares during the period. Quarry LP acquired a new position in shares of Asana in the fourth quarter worth $29,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Asana by 5.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,218 shares of the company’s stock worth $937,000 after acquiring an additional 2,538 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Asana by 5.7% in the fourth quarter. MetLife Investment Management LLC now owns 49,483 shares of the company’s stock worth $1,003,000 after acquiring an additional 2,668 shares during the last quarter. 26.21% of the stock is currently owned by institutional investors and hedge funds.

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.