Asana (NYSE:ASAN) Stock Rating Upgraded by Royal Bank Of Canada

Asana (NYSE:ASAN) was upgraded by equities research analysts at Royal Bank Of Canada from an “underperform” rating to a “sector perform” rating in a research note issued to investors on Wednesday, MarketBeat reports. The firm currently has a $7.00 price objective on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 9.46% from the stock’s current price.

ASAN has been the topic of a number of other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Asana in a research note on Monday, December 29th. BTIG Research began coverage on Asana in a report on Tuesday, December 16th. They issued a “neutral” rating on the stock. Jefferies Financial Group decreased their target price on shares of Asana from $15.00 to $8.00 and set a “hold” rating for the company in a research report on Monday, February 23rd. DA Davidson lowered their price target on shares of Asana from $17.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, December 3rd. Finally, Piper Sandler dropped their price target on shares of Asana from $14.00 to $9.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, Asana presently has a consensus rating of “Hold” and an average price target of $12.46.

Asana Price Performance

Asana stock opened at $6.40 on Wednesday. The firm has a market cap of $1.52 billion, a PE ratio of -7.99 and a beta of 1.08. Asana has a one year low of $5.87 and a one year high of $19.00. The stock’s fifty day moving average price is $7.74 and its two-hundred day moving average price is $11.49.

Asana (NYSE:ASAN) last announced its quarterly earnings data on Monday, March 2nd. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. The business had revenue of $205.57 million during the quarter, compared to the consensus estimate of $205.13 million. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. Asana’s quarterly revenue was up 9.2% on a year-over-year basis. Sell-side analysts expect that Asana will post -1.09 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Sonalee Elizabeth Parekh sold 34,151 shares of the company’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.65, for a total transaction of $227,104.15. Following the completion of the sale, the chief financial officer owned 933,998 shares in the company, valued at approximately $6,211,086.70. This represents a 3.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Katie Marie Colendich sold 7,304 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.42, for a total value of $54,195.68. Following the completion of the sale, the insider directly owned 108,214 shares of the company’s stock, valued at $802,947.88. The trade was a 6.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 70,226 shares of company stock worth $472,065 over the last 90 days. 61.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Asana

Several hedge funds have recently modified their holdings of ASAN. Invesco Ltd. grew its stake in Asana by 18.3% in the 4th quarter. Invesco Ltd. now owns 106,753 shares of the company’s stock valued at $1,464,000 after purchasing an additional 16,500 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in shares of Asana during the 4th quarter worth $211,000. XTX Topco Ltd raised its stake in shares of Asana by 213.4% during the 4th quarter. XTX Topco Ltd now owns 235,451 shares of the company’s stock worth $3,228,000 after purchasing an additional 160,329 shares during the period. Susquehanna Fundamental Investments LLC boosted its holdings in shares of Asana by 663.4% in the 4th quarter. Susquehanna Fundamental Investments LLC now owns 109,178 shares of the company’s stock worth $1,497,000 after buying an additional 94,876 shares during the last quarter. Finally, Occudo Quantitative Strategies LP boosted its holdings in shares of Asana by 76.1% in the 4th quarter. Occudo Quantitative Strategies LP now owns 156,282 shares of the company’s stock worth $2,143,000 after buying an additional 67,560 shares during the last quarter. Institutional investors own 26.21% of the company’s stock.

Asana Company Profile

Asana, Inc (NYSE: ASAN) is a leading provider of work management and collaboration software designed to help teams organize, track and manage their work. Founded in 2008 by Dustin Moskovitz and Justin Rosenstein, Asana’s platform enables users to create projects, assign tasks, set deadlines and visualize progress across diverse workflows. The company’s cloud-based solution includes customizable project templates, timeline views, boards and automated rules that streamline routine processes and reduce manual effort.

Built for both small teams and large enterprises, Asana supports integrations with a wide array of third-party applications, including communication tools, file-sharing services and DevOps platforms.