Asana (NYSE:ASAN) Sets New 1-Year High Following Analyst Upgrade

Asana, Inc. (NYSE:ASAN - Get Free Report)'s share price hit a new 52-week high on Friday after Scotiabank raised their price target on the stock from $15.00 to $18.00. Scotiabank currently has a sector perform rating on the stock. Asana traded as high as $21.95 and last traded at $21.76, with a volume of 7095356 shares traded. The stock had previously closed at $15.46.

Other research analysts also recently issued research reports about the stock. Royal Bank of Canada reaffirmed an "underperform" rating and issued a $10.00 target price on shares of Asana in a report on Friday. Citigroup cut their target price on Asana from $15.00 to $13.00 and set a "neutral" rating for the company in a research report on Wednesday, September 4th. JPMorgan Chase & Co. boosted their price target on Asana from $13.00 to $15.00 and gave the stock an "underweight" rating in a report on Friday. Morgan Stanley increased their price objective on shares of Asana from $14.00 to $18.00 and gave the company an "equal weight" rating in a report on Friday. Finally, DA Davidson upped their target price on shares of Asana from $13.00 to $20.00 and gave the stock a "neutral" rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $16.53.

Insider Buying and Selling

In other news, insider Eleanor B. Lacey sold 4,977 shares of the stock in a transaction on Monday, September 23rd. The shares were 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 of the company's stock, valued at approximately $4,366,226.07. This represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Anne Raimondi sold 29,807 shares of the firm's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $357,385.93. Following the completion of the sale, the chief operating officer now owns 761,088 shares of the company's stock, valued at $9,125,445.12. This trade represents a 3.77 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,092 shares of company stock worth $527,668. Corporate insiders own 63.97% of the company's stock.

Institutional Investors Weigh In On Asana

Several large investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC increased its position in Asana by 327.9% during the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company's stock valued at $41,000 after purchasing an additional 2,220 shares during the period. KBC Group NV boosted its stake in shares of Asana by 52.1% during the third 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 purchased a new position in Asana during the third quarter valued at approximately $43,000. Redwood Wealth Management Group LLC bought a new position in Asana in the second quarter worth approximately $65,000. Finally, Daiwa Securities Group Inc. lifted its holdings 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 buying an additional 1,028 shares during the period. 26.21% of the stock is owned by hedge funds and other institutional investors.

Asana Stock Performance

The business has a fifty day simple moving average of $13.37 and a two-hundred day simple moving average of $13.30. The company has a market cap of $5.06 billion, a PE 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.

Asana (NYSE:ASAN - Get Free Report) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.03. The firm had revenue of $179.21 million during 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% on a year-over-year basis. During the same period in the prior year, the business posted ($0.31) EPS. Research analysts anticipate that Asana, Inc. will post -1.14 earnings per share 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.