Piper Sandler Reiterates "Overweight" Rating for Asana (NYSE:ASAN)

Piper Sandler reiterated their overweight rating on shares of Asana (NYSE:ASAN - Free Report) in a report released on Thursday morning,Benzinga reports. The brokerage currently has a $27.00 price objective on the stock.

Several other brokerages also recently issued reports on ASAN. Jefferies Financial Group upped their price target on shares of Asana from $16.00 to $19.00 and gave the company a "hold" rating in a report on Monday, January 6th. Oppenheimer increased their target price on Asana from $20.00 to $22.00 and gave the company an "outperform" rating in a report on Friday, December 6th. KeyCorp raised Asana from an "underweight" rating to a "sector weight" rating and set a $10.00 price target for the company in a report on Friday, December 6th. DA Davidson increased their price objective on Asana from $13.00 to $20.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Finally, Robert W. Baird boosted their target price on shares of Asana from $13.00 to $19.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Two research 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. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $17.73.

Asana Stock Performance

Shares of NYSE:ASAN traded down $0.62 on Thursday, reaching $22.82. The company's stock had a trading volume of 1,505,215 shares, compared to its average volume of 3,173,525. Asana has a 52-week low of $11.05 and a 52-week high of $27.77. The stock has a market capitalization of $5.22 billion, a P/E ratio of -20.41 and a beta of 1.11. The stock's 50-day moving average is $21.16 and its two-hundred day moving average is $15.87. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49.

Insider Transactions at Asana

In other Asana news, COO Anne Raimondi sold 27,233 shares of the business's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the transaction, the chief operating officer now directly owns 733,855 shares of the company's stock, valued at approximately $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Justin Rosenstein sold 200,000 shares of the firm's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $21.67, for a total value of $4,334,000.00. Following the completion of the transaction, the director now owns 1,847,309 shares in the company, valued at approximately $40,031,186.03. This represents a 9.77 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 573,300 shares of company stock worth $12,197,068. Insiders own 63.97% of the company's stock.

Institutional Trading of Asana

A number of institutional investors have recently modified their holdings of the company. Paradice Investment Management LLC acquired a new position in shares of Asana in the fourth quarter valued at $22,507,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Asana in the 4th quarter valued at about $11,781,000. JPMorgan Chase & Co. lifted its position in Asana by 105.6% during the third quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company's stock worth $9,650,000 after acquiring an additional 427,576 shares during the last quarter. Brooklyn FI LLC acquired a new stake in shares of Asana in the 4th quarter valued at $8,138,000. Finally, Edgestream Partners L.P. acquired a new stake in Asana in the fourth quarter valued at about $2,547,000. 26.21% of the stock is currently owned by institutional investors.

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.