Royal Bank of Canada Reiterates "Underperform" Rating for Asana (NYSE:ASAN)

Royal Bank of Canada reaffirmed their underperform rating on shares of Asana (NYSE:ASAN - Free Report) in a report published on Wednesday morning, Benzinga reports. They currently have a $10.00 price target on the stock.

A number of other analysts have also recently issued reports on ASAN. Bank of America lowered their price objective on Asana from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday, September 4th. DA Davidson boosted their price objective on Asana from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Wednesday. UBS Group lowered their price objective on Asana from $17.00 to $13.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 4th. KeyCorp lowered their price objective on Asana from $12.00 to $10.00 and set an "underweight" rating on the stock in a research report on Wednesday, September 4th. Finally, Robert W. Baird lowered their price objective on Asana from $20.00 to $13.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, Asana currently has an average rating of "Hold" and a consensus price target of $14.21.

Asana Stock Performance

NYSE ASAN traded down $0.48 during trading on Wednesday, hitting $11.75. The company's stock had a trading volume of 1,657,899 shares, compared to its average volume of 2,027,078. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average price of $12.41 and a 200 day moving average price of $13.45. The firm has a market cap of $2.68 billion, a P/E ratio of -10.05 and a beta of 1.14. Asana has a 52 week low of $11.05 and a 52 week high of $23.44.

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

Insider Transactions at Asana

In other news, CFO Tim M. Wan sold 5,000 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $15.00, for a total transaction of $75,000.00. Following the sale, the chief financial officer now owns 1,063,909 shares in the company, valued at approximately $15,958,635. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Asana news, COO Anne Raimondi sold 29,807 shares of the 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Tim M. Wan sold 5,000 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $15.00, for a total value of $75,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,063,909 shares in the company, valued at $15,958,635. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,092 shares of company stock worth $602,668. Insiders own 63.97% of the company's stock.

Hedge Funds Weigh In On Asana

Hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC raised its position in shares of Asana by 327.9% during the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company's stock worth $41,000 after purchasing an additional 2,220 shares during the period. Redwood Wealth Management Group LLC acquired a new stake in shares of Asana during the second quarter worth about $65,000. Daiwa Securities Group Inc. raised its position 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 purchasing an additional 1,028 shares during the period. Benjamin F. Edwards & Company Inc. raised its position in shares of Asana by 139.3% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company's stock worth $93,000 after purchasing an additional 3,885 shares during the period. Finally, Scientech Research LLC acquired a new stake in shares of Asana during the second quarter worth about $146,000. Institutional investors and hedge funds own 26.21% of the company's stock.

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.