Asana (NYSE:ASAN) Stock Price Expected to Rise, Oppenheimer Analyst Says

Asana (NYSE:ASAN) had its price objective hoisted by investment analysts at Oppenheimer from $20.00 to $22.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s target price would indicate a potential downside of 0.86% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on ASAN. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $10.00 price objective on shares of Asana in a research note on Friday. Robert W. Baird raised their price objective on Asana from $13.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday. 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. DA Davidson increased 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, UBS Group decreased their price target on Asana from $17.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $16.53.

Asana Stock Performance

Shares of NYSE ASAN opened at $22.19 on Friday. The stock’s 50-day moving average is $13.37 and its 200 day moving average is $13.30. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of -19.81 and a beta of 1.22. Asana has a 1-year low of $11.05 and a 1-year high of $22.54. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14.

Insider Activity at Asana

In related news, insider Eleanor B. Lacey sold 9,308 shares of Asana 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 sale, the insider now directly owns 375,310 shares in the company, valued at $4,499,966.90. The trade was a 2.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Anne Raimondi sold 29,807 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $357,385.93. Following the completion of the transaction, the chief operating officer now owns 761,088 shares of the company’s stock, valued at approximately $9,125,445.12. This trade represents a 3.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,092 shares of company stock worth $527,668 over the last 90 days. 63.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On Asana

A number of institutional investors and hedge funds have recently made changes to their positions in ASAN. Neo Ivy Capital Management boosted its position in shares of Asana by 195.1% in the 3rd quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock worth $1,964,000 after purchasing an additional 112,038 shares in the last quarter. Geode Capital Management LLC increased its position in Asana by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock valued at $21,605,000 after buying an additional 12,055 shares in the last quarter. Barclays PLC raised its stake in Asana by 103.0% during the third quarter. Barclays PLC now owns 165,753 shares of the company’s stock valued at $1,920,000 after buying an additional 84,114 shares during the last quarter. XTX Topco Ltd purchased a new position in Asana during the third quarter valued at $538,000. Finally, Quadrature Capital Ltd bought a new stake in Asana in the third quarter worth $189,000. 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.