Royal Bank of Canada Reiterates Underperform Rating for Asana (NYSE:ASAN)

Asana (NYSE:ASAN)‘s stock had its “underperform” rating reiterated by equities researchers at Royal Bank of Canada in a research note issued on Friday,Benzinga reports. They currently have a $10.00 price target on the stock. Royal Bank of Canada’s price target points to a potential downside of 54.93% from the stock’s previous close.

A number of other research firms have also issued reports on ASAN. JPMorgan Chase & Co. lowered their target price on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, September 4th. Piper Sandler raised their price target on Asana from $12.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday. Bank of America cut their price objective on Asana from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. DA Davidson raised their target price on Asana from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Finally, Scotiabank assumed coverage on Asana in a report on Monday, November 18th. They set a “sector perform” rating and a $15.00 price target for the company. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $16.53.

Asana Trading Up 43.5 %

Shares of ASAN stock opened at $22.19 on Friday. Asana has a 12 month low of $11.05 and a 12 month high of $22.54. The company has a market cap of $5.06 billion, a PE ratio of -19.81 and a beta of 1.22. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $13.37 and its two-hundred day moving average is $13.30.

Insider Transactions at Asana

In related news, insider Eleanor B. Lacey sold 9,308 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $111,602.92. Following the completion of the transaction, the insider now owns 375,310 shares in the company, valued at $4,499,966.90. This trade represents a 2.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Anne Raimondi sold 29,807 shares of the company’s stock in a transaction 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 in the company, valued at $9,125,445.12. This trade represents a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 44,092 shares of company stock valued at $527,668. Company insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

Several institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Asana by 6.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,368 shares of the company’s stock worth $827,000 after buying an additional 3,033 shares in the last quarter. Diversified Trust Co increased its holdings in Asana by 2.6% during the 2nd quarter. Diversified Trust Co now owns 34,985 shares of the company’s stock valued at $489,000 after purchasing an additional 900 shares in the last quarter. Neo Ivy Capital Management bought a new position in Asana in the 2nd quarter valued at $803,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Asana by 11.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,045 shares of the company’s stock worth $238,000 after purchasing an additional 1,769 shares in the last quarter. Finally, Versor Investments LP grew its holdings in shares of Asana by 48.3% during the second quarter. Versor Investments LP now owns 23,200 shares of the company’s stock worth $325,000 after purchasing an additional 7,557 shares during the last quarter. 26.21% of the stock is owned by institutional investors.

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.