Asana (NYSE:ASAN) Given New $19.00 Price Target at Piper Sandler

Asana (NYSE:ASAN - Get Free Report) had its target price hoisted by equities research analysts at Piper Sandler from $12.00 to $19.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Piper Sandler's target price points to a potential downside of 14.38% from the company's previous close.

ASAN has been the topic of several other reports. JPMorgan Chase & Co. cut their price objective on shares of Asana from $15.00 to $13.00 and set an "underweight" rating on the stock in a research report on Wednesday, September 4th. Scotiabank started coverage on Asana in a research report on Monday, November 18th. They set a "sector perform" rating and a $15.00 price objective for the company. DA Davidson increased their price objective on Asana from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, October 23rd. Citigroup cut their target price on Asana from $15.00 to $13.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 4th. Finally, Robert W. Baird increased their price target on Asana from $13.00 to $19.00 and gave the stock a "neutral" rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Asana presently has a consensus rating of "Hold" and a consensus price target of $16.53.

Asana Stock Performance

Shares of NYSE ASAN traded up $6.73 during mid-day trading on Friday, hitting $22.19. The company had a trading volume of 23,918,113 shares, compared to its average volume of 1,698,546. Asana has a 12 month low of $11.05 and a 12 month high of $22.54. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of -19.81 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63. The firm's 50 day simple moving average is $13.37 and its two-hundred day simple moving average is $13.30.

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

Insider Buying and Selling

In related news, COO Anne Raimondi sold 29,807 shares of Asana stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $357,385.93. Following the transaction, the chief operating officer now owns 761,088 shares of the company's stock, valued at approximately $9,125,445.12. This trade represents a 3.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eleanor B. Lacey sold 4,977 shares of the business's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.79, for a total value of $58,678.83. Following the sale, the insider now owns 370,333 shares in the company, valued at approximately $4,366,226.07. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,092 shares of company stock worth $527,668. Corporate insiders own 63.97% of the company's stock.

Hedge Funds Weigh In On Asana

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC increased 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 during the period. KBC Group NV grew its holdings in shares of 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 acquiring an additional 1,211 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Asana during the 3rd quarter valued at $43,000. Redwood Wealth Management Group LLC acquired a new position in shares of Asana in the second quarter worth $65,000. Finally, Daiwa Securities Group Inc. raised its holdings in shares of 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 acquiring an additional 1,028 shares in the last quarter. Institutional investors and hedge funds own 26.21% of the company's stock.

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.