Asana (NYSE:ASAN) Downgraded to “Buy” Rating by Wall Street Zen
by Jessica Moore · The Cerbat GemWall Street Zen downgraded shares of Asana (NYSE:ASAN – Free Report) from a strong-buy rating to a buy rating in a research report sent to investors on Sunday.
Several other research firms have also issued reports on ASAN. Citigroup cut their price target on shares of Asana from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Piper Sandler restated a “neutral” rating and set a $7.00 price target (down from $9.00) on shares of Asana in a research report on Tuesday, April 14th. Royal Bank Of Canada upgraded shares of Asana from an “underperform” rating to a “sector perform” rating and set a $7.00 price target for the company in a research report on Wednesday, April 1st. Robert W. Baird cut their price target on shares of Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Finally, Jefferies Financial Group cut their price target on shares of Asana from $15.00 to $8.00 and set a “hold” rating for the company in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.32.
Read Our Latest Stock Report on ASAN
Asana Stock Down 0.3%
ASAN opened at $5.82 on Friday. The stock has a market cap of $1.39 billion, a PE ratio of -7.28 and a beta of 1.08. Asana has a 52 week low of $5.38 and a 52 week high of $19.00. The business’s fifty day simple moving average is $6.83 and its 200 day simple moving average is $10.84.
Asana (NYSE:ASAN – Get Free Report) last posted its quarterly earnings results on Monday, March 2nd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. The business had revenue of $205.57 million during the quarter, compared to analyst estimates of $205.13 million. Asana’s revenue was up 9.2% on a year-over-year basis. As a group, equities analysts anticipate that Asana will post -1.09 earnings per share for the current year.
Insider Transactions at Asana
In other news, insider Katie Marie Colendich sold 7,304 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $7.42, for a total transaction of $54,195.68. Following the completion of the sale, the insider directly owned 108,214 shares in the company, valued at approximately $802,947.88. This represents a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Veronica Sosa sold 6,479 shares of the stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $6.65, for a total transaction of $43,085.35. Following the sale, the chief accounting officer owned 73,722 shares of the company’s stock, valued at approximately $490,251.30. This represents a 8.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 70,226 shares of company stock worth $472,065. Company insiders own 61.28% of the company’s stock.
Institutional Trading of Asana
A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Asana by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 13,173,305 shares of the company’s stock worth $180,606,000 after purchasing an additional 48,847 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Asana by 12.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,214,591 shares of the company’s stock worth $71,492,000 after purchasing an additional 565,681 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Asana by 53.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,791,902 shares of the company’s stock worth $38,277,000 after purchasing an additional 977,107 shares during the period. Marshall Wace LLP boosted its holdings in shares of Asana by 35.1% during the fourth quarter. Marshall Wace LLP now owns 2,653,145 shares of the company’s stock worth $36,375,000 after purchasing an additional 689,546 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Asana by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 2,077,529 shares of the company’s stock worth $28,488,000 after purchasing an additional 10,034 shares during the period. 26.21% of the stock is currently owned by hedge funds and other institutional investors.
Asana Company Profile
Asana, Inc (NYSE: ASAN) is a leading provider of work management and collaboration software designed to help teams organize, track and manage their work. Founded in 2008 by Dustin Moskovitz and Justin Rosenstein, Asana’s platform enables users to create projects, assign tasks, set deadlines and visualize progress across diverse workflows. The company’s cloud-based solution includes customizable project templates, timeline views, boards and automated rules that streamline routine processes and reduce manual effort.
Built for both small teams and large enterprises, Asana supports integrations with a wide array of third-party applications, including communication tools, file-sharing services and DevOps platforms.