Asana’s (ASAN) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reissued their market outperform rating on shares of Asana (NYSE:ASAN) in a research note issued to investors on Wednesday morning,Benzinga reports. JMP Securities currently has a $22.00 price objective on the stock.

A number of other brokerages also recently commented on ASAN. Bank of America reduced their price objective on Asana from $23.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday. DA Davidson reduced their price objective on Asana from $20.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Morgan Stanley downgraded Asana from an “equal weight” rating to an “underweight” rating and set a $14.00 price objective on the stock. in a research report on Tuesday, May 20th. Piper Sandler lifted their price objective on Asana from $17.00 to $19.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Jefferies Financial Group reduced their price objective on Asana from $19.00 to $15.00 and set a “hold” rating on the stock in a research report on Tuesday, March 11th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $15.97.

Asana Stock Performance

NYSE ASAN opened at $15.13 on Wednesday. The company has a market cap of $3.53 billion, a PE ratio of -13.51 and a beta of 1.23. The stock’s 50 day simple moving average is $16.32 and its 200-day simple moving average is $18.26. Asana has a 1-year low of $11.05 and a 1-year high of $27.77. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49.

Asana (NYSE:ASAN) last announced its quarterly earnings data on Tuesday, June 3rd. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. Asana had a negative return on equity of 86.84% and a negative net margin of 36.17%. The firm had revenue of $187.63 million for the quarter, compared to the consensus estimate of $185.40 million. During the same quarter last year, the business posted ($0.06) earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Asana will post -1.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Justin Rosenstein sold 25,000 shares of Asana stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $12.89, for a total value of $322,250.00. Following the completion of the sale, the director now directly owns 922,309 shares of the company’s stock, valued at approximately $11,888,563.01. The trade was a 2.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Dustin A. Moskovitz acquired 50,000 shares of the company’s stock in a transaction dated Tuesday, April 15th. The stock was purchased at an average cost of $15.84 per share, with a total value of $792,000.00. Following the completion of the purchase, the chief executive officer now directly owns 51,398,436 shares of the company’s stock, valued at approximately $814,151,226.24. This represents a 0.10% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 2,074,507 shares of company stock valued at $30,025,743 over the last quarter. 61.28% of the stock is owned by insiders.

Institutional Investors Weigh In On Asana

A number of institutional investors have recently modified their holdings of the company. Rhumbline Advisers grew its stake in shares of Asana by 3.1% in the first quarter. Rhumbline Advisers now owns 125,556 shares of the company’s stock valued at $1,829,000 after buying an additional 3,739 shares in the last quarter. Strs Ohio acquired a new stake in shares of Asana in the first quarter valued at $195,000. Acadian Asset Management LLC grew its stake in shares of Asana by 8,850.6% in the first quarter. Acadian Asset Management LLC now owns 1,164,378 shares of the company’s stock valued at $16,950,000 after buying an additional 1,151,369 shares in the last quarter. Bayforest Capital Ltd grew its stake in shares of Asana by 205.9% in the first quarter. Bayforest Capital Ltd now owns 20,614 shares of the company’s stock valued at $300,000 after buying an additional 13,875 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Asana by 14.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,733 shares of the company’s stock valued at $3,770,000 after buying an additional 32,708 shares in the last quarter. 26.21% of the stock is 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.