Piper Sandler Has Lowered Expectations for Asana (NYSE:ASAN) Stock Price

by · The Markets Daily

Asana (NYSE:ASAN – Free Report) had its price objective trimmed by Piper Sandler from $27.00 to $18.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities research analysts have also issued reports on the company. Bank of America dropped their price target on Asana from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Tuesday. JMP Securities increased their target price on Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday, December 6th. Citigroup increased their price target on Asana from $16.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. increased their price target on Asana from $13.00 to $15.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada reissued an “underperform” rating and issued a $10.00 price target on shares of Asana in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $15.87.

Check Out Our Latest Research Report on ASAN

Asana Stock Performance

ASAN stock opened at $12.88 on Tuesday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. The firm has a market cap of $2.95 billion, a P/E ratio of -11.50 and a beta of 1.13. Asana has a 12-month low of $11.05 and a 12-month high of $27.77. The stock’s 50 day simple moving average is $20.12 and its 200 day simple moving average is $16.81.

Insider Activity at Asana

In related news, COO Anne Raimondi sold 27,233 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the sale, the chief operating officer now directly owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. This represents a 3.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Justin Rosenstein sold 150,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $19.76, for a total value of $2,964,000.00. Following the sale, the director now directly owns 1,097,309 shares of the company’s stock, valued at $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. Insiders sold 723,300 shares of company stock worth $15,161,068 in the last quarter. 63.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Asana

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in Asana in the 4th quarter worth approximately $29,000. KBC Group NV boosted its stake in Asana by 52.1% in the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after buying an additional 1,211 shares in the last quarter. Quest Partners LLC acquired a new stake in Asana in the 3rd quarter valued at $43,000. Bogart Wealth LLC acquired a new stake in Asana in the 4th quarter valued at $61,000. Finally, SBI Securities Co. Ltd. acquired a new position in Asana in the fourth quarter worth $82,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

Asana Company Profile

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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.

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