Bank of America Has Lowered Expectations for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its target price reduced by Bank of America from $30.00 to $25.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 85.94% from the company’s previous close.

Several other analysts have also weighed in on the stock. Piper Sandler reiterated an “overweight” rating and set a $27.00 target price on shares of Asana in a research report on Thursday, February 6th. DA Davidson lifted their target price on shares of Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. lifted their target price on shares of Asana from $13.00 to $15.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. Oppenheimer lifted their target price on shares of Asana from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Finally, JMP Securities lifted their target price on shares of Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a research report on Friday, December 6th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.87.

Asana Price Performance

Shares of Asana stock opened at $13.45 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. The firm’s 50-day simple moving average is $20.26 and its 200-day simple moving average is $16.84. Asana has a twelve month low of $11.05 and a twelve month high of $27.77. The firm has a market cap of $3.08 billion, a P/E ratio of -12.00 and a beta of 1.13.

Insiders Place Their Bets

In other Asana news, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the transaction, the chief operating officer now directly owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Justin Rosenstein sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $19.76, for a total transaction of $2,964,000.00. Following the sale, the director now directly owns 1,097,309 shares of the company’s stock, valued at approximately $21,682,825.84. This trade represents a 12.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 723,300 shares of company stock valued at $15,161,068. Insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

A number of institutional investors and hedge funds have recently modified their holdings of ASAN. GSA Capital Partners LLP bought a new stake in shares of Asana during the third quarter worth approximately $497,000. MQS Management LLC bought a new stake in shares of Asana during the third quarter worth approximately $141,000. KBC Group NV raised its stake in shares of Asana by 52.1% during the third 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 last quarter. Quest Partners LLC bought a new stake in shares of Asana during the third quarter worth approximately $43,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Asana during the third quarter worth approximately $603,000. 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.