Jefferies Financial Group Issues Positive Forecast for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its price objective upped by Jefferies Financial Group from $15.00 to $17.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has a hold rating on the stock.

A number of other research firms also recently issued reports on ASAN. JMP Securities restated a “market outperform” rating and set a $22.00 target price on shares of Asana in a research report on Wednesday. DA Davidson dropped their price target on shares of Asana from $20.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Robert W. Baird raised their price objective on shares of Asana from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday. Scotiabank lifted their target price on shares of Asana from $12.00 to $16.50 and gave the stock a “sector perform” rating in a report on Wednesday. Finally, Piper Sandler upped their target price on shares of Asana from $17.00 to $19.00 and gave the company an “overweight” rating in a research report on Wednesday. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $15.97.

Asana Stock Performance

ASAN stock opened at $15.13 on Wednesday. The company has a 50 day moving average price of $16.32 and a 200 day moving average price of $18.26. Asana has a fifty-two week low of $11.05 and a fifty-two week 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. The stock has a market capitalization of $3.53 billion, a PE ratio of -13.51 and a beta of 1.23.

Asana (NYSE:ASAN) last released its earnings results on Tuesday, June 3rd. The company reported $0.05 earnings per share 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 company had revenue of $187.63 million during the quarter, compared to the consensus estimate of $185.40 million. During the same quarter in the previous year, the company posted ($0.06) earnings per share. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. Analysts forecast that Asana will post -1.09 EPS for the current year.

Insider Buying and Selling

In related news, COO Anne Raimondi sold 18,775 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $14.03, for a total value of $263,413.25. Following the completion of the transaction, the chief operating officer now directly owns 716,580 shares in the company, valued at approximately $10,053,617.40. The trade was a 2.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justin Rosenstein sold 25,000 shares of the stock in a transaction that occurred 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 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 disclosure for this sale can be found here. In the last quarter, insiders have acquired 2,074,507 shares of company stock valued at $30,025,743. 61.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On Asana

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise bought a new stake in Asana in the 1st quarter valued at $28,000. Quarry LP acquired a new stake in shares of Asana in the 4th quarter valued at about $29,000. AlphaQuest LLC raised its stake in shares of Asana by 825.1% in the 1st quarter. AlphaQuest LLC now owns 2,470 shares of the company’s stock valued at $36,000 after purchasing an additional 2,203 shares during the period. Bogart Wealth LLC bought a new stake in shares of Asana in the fourth quarter valued at about $61,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Asana during the fourth quarter worth about $82,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

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.