Asana (NYSE:ASAN) Given Underperform Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their underperform rating on shares of Asana (NYSE:ASAN) in a research note released on Friday morning,Benzinga reports. The brokerage currently has a $10.00 target price on the stock.

Other analysts have also recently issued research reports about the company. Scotiabank assumed coverage on Asana in a research report on Monday, November 18th. They issued a “sector perform” rating and a $15.00 price target for the company. Citigroup decreased their target price on shares of Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Oppenheimer reduced their price objective on shares of Asana from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Robert W. Baird increased their price target on Asana from $13.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, Morgan Stanley lowered their price objective on Asana from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Asana currently has an average rating of “Hold” and a consensus target price of $16.53.

Asana Stock Performance

Shares of NYSE ASAN opened at $22.20 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14. Asana has a 12-month low of $11.05 and a 12-month high of $22.54. The firm has a market capitalization of $5.06 billion, a price-to-earnings ratio of -19.30 and a beta of 1.22. The firm has a 50 day moving average of $13.17 and a 200 day moving average of $13.25.

Asana (NYSE:ASAN) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The firm had revenue of $179.21 million during the quarter, compared to the consensus estimate of $177.68 million. During the same quarter in the previous year, the firm posted ($0.31) EPS. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, research analysts anticipate that Asana will post -1.14 earnings per share for the current year.

Insider Buying and Selling at Asana

In related news, insider Eleanor B. Lacey sold 4,977 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.79, for a total transaction of $58,678.83. Following the sale, the insider now owns 370,333 shares in the company, valued at approximately $4,366,226.07. This represents a 1.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Anne Raimondi sold 29,807 shares of Asana stock in a transaction on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $357,385.93. Following the transaction, the chief operating officer now directly owns 761,088 shares of the company’s stock, valued at $9,125,445.12. The trade was a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,092 shares of company stock worth $527,668 over the last ninety days. Company insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Point72 Asset Management L.P. bought a new position in Asana in the second quarter worth approximately $17,100,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Asana in the 2nd quarter worth $5,169,000. Marshall Wace LLP bought a new position in shares of Asana during the 2nd quarter worth $3,159,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Asana during the second quarter valued at $3,050,000. Finally, Holocene Advisors LP grew its holdings in Asana by 62.2% during the 3rd quarter. Holocene Advisors LP now owns 305,167 shares of the company’s stock worth $3,537,000 after acquiring an additional 116,998 shares in the last quarter. Hedge funds and other institutional investors own 26.21% of the company’s stock.

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.