Asana (NYSE:ASAN) Price Target Lowered to $13.00 at Robert W. Baird

Asana (NYSE:ASAN) had its price objective trimmed by Robert W. Baird from $20.00 to $13.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other analysts have also recently weighed in on ASAN. Bank of America dropped their price target on Asana from $18.00 to $16.00 and set a buy rating on the stock in a research report on Wednesday. JMP Securities reaffirmed a market outperform rating and issued a $27.00 target price on shares of Asana in a research report on Monday, July 15th. Piper Sandler reduced their price target on shares of Asana from $16.00 to $14.00 and set a neutral rating for the company in a report on Friday, July 12th. Oppenheimer lowered their price target on shares of Asana from $28.00 to $23.00 and set an outperform rating for the company in a research report on Friday, May 31st. Finally, Citigroup cut their price objective on shares of Asana from $17.00 to $15.00 and set a neutral rating on the stock in a research report on Wednesday, June 26th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $14.80.

Asana Stock Performance

Asana stock opened at $12.60 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.71 and a quick ratio of 1.71. Asana has a 12 month low of $11.29 and a 12 month high of $23.44. The company has a fifty day moving average price of $13.71 and a two-hundred day moving average price of $14.71. The company has a market cap of $2.87 billion, a PE ratio of -10.77 and a beta of 1.16.

Asana (NYSE:ASAN) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. The business had revenue of $179.21 million during the quarter, compared to analyst estimates of $177.68 million. Asana had a negative net margin of 38.55% and a negative return on equity of 77.48%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.31) EPS. Research analysts expect that Asana will post -1.05 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Anne Raimondi sold 26,588 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $304,166.72. Following the completion of the sale, the chief operating officer now owns 790,894 shares in the company, valued at $9,047,827.36. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Eleanor B. Lacey sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total transaction of $102,960.00. Following the completion of the sale, the insider now directly owns 389,149 shares in the company, valued at $4,451,864.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Anne Raimondi sold 26,588 shares of Asana stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $304,166.72. Following the completion of the transaction, the chief operating officer now owns 790,894 shares in the company, valued at approximately $9,047,827.36. The disclosure for this sale can be found here. Insiders have sold a total of 84,443 shares of company stock valued at $1,026,976 over the last quarter. Corporate insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

Hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. purchased a new stake in shares of Asana during the second quarter valued at $17,100,000. Susquehanna Fundamental Investments LLC purchased a new stake in Asana during the second quarter valued at about $3,050,000. Scientech Research LLC acquired a new position in shares of Asana in the second quarter worth about $146,000. The Manufacturers Life Insurance Company increased its position in shares of Asana by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 49,096 shares of the company’s stock worth $687,000 after acquiring an additional 1,888 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Asana by 25.6% during the second quarter. AQR Capital Management LLC now owns 32,503 shares of the company’s stock valued at $444,000 after acquiring an additional 6,634 shares during the period. 26.21% of the stock is currently owned by institutional investors and hedge funds.

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.