Asana, Inc. (NYSE:ASAN) Receives Average Recommendation of "Hold" from Brokerages

Asana, Inc. (NYSE:ASAN - Get Free Report) has received a consensus recommendation of "Hold" from the fourteen brokerages that are presently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $14.21.

Several equities analysts recently commented on ASAN shares. Piper Sandler dropped their price objective on Asana from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 4th. JPMorgan Chase & Co. cut their price objective on shares of Asana from $15.00 to $13.00 and set an "underweight" rating for the company in a research note on Wednesday, September 4th. Robert W. Baird lowered their price objective on Asana from $20.00 to $13.00 and set a "neutral" rating for the company in a research report on Wednesday, September 4th. Oppenheimer cut their target price on Asana from $23.00 to $20.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 4th. Finally, UBS Group decreased their price objective on shares of Asana from $17.00 to $13.00 and set a "neutral" rating for the company in a report on Wednesday, September 4th.

Insiders Place Their Bets

In other news, COO Anne Raimondi sold 29,807 shares of the company's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $357,385.93. Following the transaction, the chief operating officer now directly owns 761,088 shares in the company, valued at approximately $9,125,445.12. This represents a 3.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Eleanor B. Lacey sold 9,308 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $111,602.92. Following the sale, the insider now owns 375,310 shares in the company, valued at approximately $4,499,966.90. This trade represents a 2.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,092 shares of company stock worth $527,668. Company insiders own 63.97% of the company's stock.

Hedge Funds Weigh In On Asana

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC lifted its stake in Asana by 327.9% in the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company's stock valued at $41,000 after buying an additional 2,220 shares in the last quarter. KBC Group NV grew its holdings 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 in the last quarter. Quest Partners LLC acquired a new position in shares of Asana in the 3rd quarter valued at approximately $43,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Asana in the 2nd quarter valued at about $65,000. Finally, Daiwa Securities Group Inc. lifted its stake in Asana by 26.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company's stock worth $70,000 after purchasing an additional 1,028 shares during the last quarter. Institutional investors and hedge funds own 26.21% of the company's stock.

Asana Price Performance

Asana stock traded down $0.36 during mid-day trading on Friday, reaching $13.90. 1,913,038 shares of the company were exchanged, compared to its average volume of 1,994,055. The firm has a market cap of $3.17 billion, a PE ratio of -12.09 and a beta of 1.13. The company has a fifty day simple moving average of $12.28 and a 200-day simple moving average of $13.29. Asana has a 12 month low of $11.05 and a 12 month high of $23.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63.

Asana (NYSE:ASAN - Get Free Report) last released its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.03. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The firm had revenue of $179.21 million during the quarter, compared to the consensus estimate of $177.68 million. During the same quarter last year, the firm earned ($0.31) earnings per share. The company's revenue for the quarter was up 10.3% on a year-over-year basis. As a group, equities research analysts expect that Asana will post -1.14 earnings per share for the current fiscal year.

About Asana

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.