Asana’s (ASAN) Sector Weight Rating Reiterated at KeyCorp

KeyCorp reaffirmed their sector weight rating on shares of Asana (NYSE:ASAN) in a report issued on Wednesday,Benzinga reports.

ASAN has been the topic of several other reports. Jefferies Financial Group cut their target price on shares of Asana from $19.00 to $15.00 and set a “hold” rating on the stock in a research note on Tuesday, March 11th. JPMorgan Chase & Co. lowered their price objective on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 11th. Piper Sandler boosted their price target on shares of Asana from $17.00 to $19.00 and gave the company an “overweight” rating in a research report on Wednesday. JMP Securities reissued a “market outperform” rating and issued a $22.00 price target on shares of Asana in a research report on Wednesday. Finally, Bank of America reduced their price objective on shares of Asana from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $15.97.

Asana Price Performance

ASAN stock opened at $15.13 on Wednesday. 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 has a 1 year low of $11.05 and a 1 year high of $27.77. The company has a 50 day simple moving average of $16.32 and a 200 day simple moving average of $18.26. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of -13.51 and a beta of 1.23.

Asana (NYSE:ASAN) last posted its quarterly earnings data on Tuesday, June 3rd. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.03. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%. The company had revenue of $187.63 million for the quarter, compared to analyst estimates of $185.40 million. During the same period in the prior year, the firm posted ($0.06) EPS. The company’s quarterly revenue was up 8.6% on a year-over-year basis. Research analysts anticipate that Asana will post -1.09 EPS for the current fiscal year.

Insider Activity at Asana

In other Asana news, Director Justin Rosenstein sold 25,000 shares of the stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $12.89, for a total transaction of $322,250.00. Following the completion of the sale, the director now owns 922,309 shares of the company’s stock, valued at $11,888,563.01. This represents a 2.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Dustin A. Moskovitz purchased 50,000 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were purchased at an average cost of $15.84 per share, with a total value of $792,000.00. Following the transaction, the chief executive officer now directly owns 51,398,436 shares in the company, valued at $814,151,226.24. This trade represents a 0.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 2,074,507 shares of company stock valued at $30,025,743. Insiders own 61.28% of the company’s stock.

Institutional Investors Weigh In On Asana

Several institutional investors have recently added to or reduced their stakes in the company. Voya Investment Management LLC boosted its position in Asana by 8.1% during the 4th quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock valued at $254,166,000 after buying an additional 937,726 shares during the period. Vanguard Group Inc. lifted its position in shares of Asana by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 10,656,214 shares of the company’s stock worth $155,261,000 after purchasing an additional 475,100 shares during the period. Voloridge Investment Management LLC lifted its position 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 stake in shares of Asana in the 4th quarter worth about $38,966,000. Finally, First Trust Advisors LP lifted its position in shares of Asana by 17.6% in the 4th quarter. First Trust Advisors LP now owns 1,743,981 shares of the company’s stock worth $35,350,000 after purchasing an additional 261,298 shares during the period. Hedge funds and other institutional investors own 26.21% of the company’s stock.

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.