Morgan Stanley Cuts Asana (NYSE:ASAN) Price Target to $8.00

by · The Markets Daily

Asana (NYSE:ASAN – Free Report) had its price objective trimmed by Morgan Stanley from $14.00 to $8.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an underweight rating on the stock.

A number of other research analysts have also recently weighed in on the company. BTIG Research began coverage on Asana in a research note on Tuesday, December 16th. They set a “neutral” rating for the company. UBS Group lowered their price target on shares of Asana from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, December 3rd. DA Davidson dropped their price target on shares of Asana from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, December 3rd. Royal Bank Of Canada reduced their price objective on shares of Asana from $11.00 to $7.00 and set an “underperform” rating for the company in a research note on Tuesday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Asana in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $12.46.

View Our Latest Stock Report on Asana

Asana Trading Up 2.1%

Shares of Asana stock opened at $7.91 on Tuesday. Asana has a 1-year low of $6.51 and a 1-year high of $19.00. The company’s fifty day simple moving average is $10.06 and its 200-day simple moving average is $12.51. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.40 and a quick ratio of 1.40. The stock has a market capitalization of $1.88 billion, a PE ratio of -9.89 and a beta of 1.01.

Asana (NYSE:ASAN – Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $205.57 million for the quarter, compared to analysts’ expectations of $205.13 million. Asana had a negative return on equity of 71.50% and a negative net margin of 23.90%.Asana’s quarterly revenue was up 9.2% on a year-over-year basis. As a group, equities analysts anticipate that Asana will post -1.09 earnings per share for the current year.

Insider Buying and Selling

In other Asana news, COO Anne Raimondi sold 76,093 shares of the business’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $14.47, for a total value of $1,101,065.71. Following the sale, the chief operating officer owned 764,178 shares in the company, valued at $11,057,655.66. The trade was a 9.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 83,656 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $14.31, for a total value of $1,197,117.36. Following the transaction, the chief financial officer owned 993,037 shares of the company’s stock, valued at approximately $14,210,359.47. The trade was a 7.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,127,448 shares of company stock worth $16,825,400. 61.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Asana

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ASAN. Federated Hermes Inc. raised its holdings in shares of Asana by 1,162.2% during the 3rd quarter. Federated Hermes Inc. now owns 413,331 shares of the company’s stock worth $5,522,000 after acquiring an additional 380,583 shares in the last quarter. Inceptionr LLC bought a new stake in Asana in the second quarter worth $322,000. Teacher Retirement System of Texas raised its stake in Asana by 37.8% during the second quarter. Teacher Retirement System of Texas now owns 113,430 shares of the company’s stock valued at $1,531,000 after purchasing an additional 31,137 shares in the last quarter. Acadian Asset Management LLC raised its stake in Asana by 73.5% during the second quarter. Acadian Asset Management LLC now owns 2,020,660 shares of the company’s stock valued at $27,256,000 after purchasing an additional 856,282 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. bought a new position in Asana during the second quarter valued at $1,984,000. 26.21% of the stock is owned by institutional investors.

Asana News Roundup

Here are the key news stories impacting Asana this week:

About Asana

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Asana, Inc (NYSE: ASAN) is a leading provider of work management and collaboration software designed to help teams organize, track and manage their work. Founded in 2008 by Dustin Moskovitz and Justin Rosenstein, Asana’s platform enables users to create projects, assign tasks, set deadlines and visualize progress across diverse workflows. The company’s cloud-based solution includes customizable project templates, timeline views, boards and automated rules that streamline routine processes and reduce manual effort.

Built for both small teams and large enterprises, Asana supports integrations with a wide array of third-party applications, including communication tools, file-sharing services and DevOps platforms.

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