Asana (NYSE:ASAN) Shares Gap Down After Analyst Downgrade

Asana, Inc. (NYSE:ASAN) shares gapped down prior to trading on Tuesday after Morgan Stanley lowered their price target on the stock from $18.00 to $15.00. The stock had previously closed at $16.68, but opened at $12.13. Morgan Stanley currently has an equal weight rating on the stock. Asana shares last traded at $12.03, with a volume of 4,725,902 shares.

Several other equities research analysts have also weighed in on the company. Robert W. Baird dropped their price target on Asana from $23.00 to $13.00 and set a “neutral” rating on the stock in a research report on Tuesday. DA Davidson reduced their target price on shares of Asana from $20.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday. Bank of America lowered their price target on shares of Asana from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Tuesday. Jefferies Financial Group cut their price objective on shares of Asana from $19.00 to $15.00 and set a “hold” rating on the stock in a report on Tuesday. Finally, JMP Securities raised their target price on shares of Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Asana currently has an average rating of “Hold” and a consensus target price of $15.87.

Insider Activity at Asana

In other news, COO Anne Raimondi sold 27,233 shares of Asana stock in a transaction that occurred on 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 sale, the chief operating officer now directly owns 733,855 shares in the company, valued at $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 available through this link. Also, Director Justin Rosenstein sold 150,000 shares of the stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $20.01, for a total transaction of $3,001,500.00. Following the transaction, the director now owns 2,047,309 shares in the company, valued at approximately $40,966,653.09. This trade represents a 6.83 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 723,300 shares of company stock valued at $15,161,068. 63.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Asana

A number of hedge funds have recently added to or reduced their stakes in ASAN. Voya Investment Management LLC grew its holdings in shares of Asana by 8.1% in the fourth quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock worth $254,166,000 after acquiring an additional 937,726 shares during the period. Voloridge Investment Management LLC lifted its stake in shares of Asana by 25.6% in the 4th quarter. Voloridge Investment Management LLC now owns 2,149,680 shares of the company’s stock worth $43,574,000 after purchasing an additional 438,057 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Asana in the fourth quarter worth approximately $38,966,000. Geode Capital Management LLC grew its position in Asana by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock valued at $21,605,000 after buying an additional 12,055 shares during the period. Finally, First Trust Advisors LP increased its holdings in Asana by 17.6% during the fourth quarter. First Trust Advisors LP now owns 1,743,981 shares of the company’s stock valued at $35,350,000 after buying an additional 261,298 shares during the last quarter. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Asana Stock Up 6.4 %

The company’s 50-day simple moving average is $20.26 and its two-hundred day simple moving average is $16.84. The firm has a market capitalization of $3.08 billion, a P/E ratio of -12.00 and a beta of 1.13. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49.

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.