Piper Sandler Upgrades Asana (NYSE:ASAN) to “Overweight”

Piper Sandler upgraded shares of Asana (NYSE:ASAN) from a neutral rating to an overweight rating in a research report sent to investors on Monday,Benzinga reports. The firm currently has $27.00 target price on the stock, up from their prior target price of $19.00.

Other equities analysts have also recently issued research reports about the company. Jefferies Financial Group lifted their price target on Asana from $13.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Scotiabank lifted their price objective on Asana from $15.00 to $18.00 and gave the company a “sector perform” rating in a research report on Friday, December 6th. JMP Securities boosted their target price on shares of Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday, December 6th. Robert W. Baird increased their price objective on Asana from $13.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada reiterated an “underperform” rating and issued a $10.00 target price on shares of Asana in a report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Asana currently has a consensus rating of “Hold” and an average target price of $17.27.

Asana Stock Performance

Shares of ASAN opened at $21.83 on Monday. 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 $4.99 billion, a P/E ratio of -19.49 and a beta of 1.10. Asana has a 12-month low of $11.05 and a 12-month high of $27.77. The firm’s 50 day moving average is $17.92 and its 200-day moving average is $14.67.

Insider Transactions at Asana

In other news, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $21.71, for a total value of $591,228.43. Following the sale, the chief operating officer now owns 733,855 shares in the company, valued at approximately $15,931,992.05. The trade was a 3.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 63.97% of the stock is owned by insiders.

Institutional Trading of Asana

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