JPMorgan Chase & Co. Issues Positive Forecast for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its price target hoisted by JPMorgan Chase & Co. from $13.00 to $15.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 32.40% from the company’s current price.

A number of other research analysts have also issued reports on ASAN. UBS Group decreased their target price on Asana from $17.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Morgan Stanley decreased their price objective on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 20th. Oppenheimer boosted their target price on shares of Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday. Scotiabank initiated coverage on shares of Asana in a research note on Monday, November 18th. They issued a “sector perform” rating and a $15.00 price target on the stock. Finally, KeyCorp upgraded Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price objective on the stock in a report on Friday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Asana presently has an average rating of “Hold” and an average target price of $16.53.

Asana Stock Performance

Shares of ASAN stock opened at $22.19 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 business’s 50 day moving average is $13.37 and its two-hundred day moving average is $13.30. The company has a market capitalization of $5.06 billion, a P/E ratio of -19.81 and a beta of 1.22.

Insider Transactions at Asana

In other news, COO Anne Raimondi sold 29,807 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $357,385.93. Following the completion of the sale, the chief operating officer now owns 761,088 shares of the company’s stock, valued at $9,125,445.12. This represents a 3.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Eleanor B. Lacey sold 4,977 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.79, for a total value of $58,678.83. Following the completion of the transaction, the insider now owns 370,333 shares in the company, valued at $4,366,226.07. This represents a 1.33 % 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 in the last quarter. Company insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC grew its holdings in shares of Asana by 327.9% during the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after purchasing an additional 2,220 shares during the period. KBC Group NV lifted its position in Asana by 52.1% in the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after buying an additional 1,211 shares during the last quarter. Quest Partners LLC purchased a new position in Asana during the third quarter worth about $43,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Asana during the second quarter valued at about $65,000. Finally, Daiwa Securities Group Inc. raised its stake in shares of Asana by 26.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after acquiring an additional 1,028 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.