Royal Bank of Canada Reaffirms “Underperform” Rating for Asana (NYSE:ASAN)

Asana (NYSE:ASAN)‘s stock had its “underperform” rating reissued by stock analysts at Royal Bank of Canada in a report released on Friday,Benzinga reports. They presently have a $10.00 target price on the stock. Royal Bank of Canada’s price objective would indicate a potential downside of 54.93% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Bank of America cut their price objective on shares of Asana from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. Robert W. Baird boosted their price target on shares of Asana from $13.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday. Piper Sandler increased their price objective on shares of Asana from $12.00 to $19.00 and gave the company a “neutral” rating in a report on Friday. Jefferies Financial Group boosted their target price on Asana from $13.00 to $16.00 and gave the stock a “hold” rating in a report on Friday. Finally, DA Davidson increased their price target on Asana from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Asana has a consensus rating of “Hold” and an average price target of $16.53.

Asana Stock Up 43.5 %

ASAN opened at $22.19 on Friday. The stock’s 50 day moving average price is $13.37 and its 200 day moving average price is $13.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63. The stock has a market cap of $5.06 billion, a P/E ratio of -19.81 and a beta of 1.22. Asana has a 12 month low of $11.05 and a 12 month high of $22.54.

Insider Transactions at Asana

In other Asana news, insider Eleanor B. Lacey sold 9,308 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $111,602.92. Following the completion of the sale, the insider now directly owns 375,310 shares in the company, valued at approximately $4,499,966.90. This trade represents a 2.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Anne Raimondi sold 29,807 shares of the 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 $357,385.93. Following the completion of the sale, the chief operating officer now directly owns 761,088 shares of the company’s stock, valued at $9,125,445.12. This trade represents a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,092 shares of company stock valued at $527,668 over the last ninety days. Corporate insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Headlands Technologies LLC lifted its holdings in shares of Asana by 327.9% during 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 position in Asana by 52.1% during the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after acquiring an additional 1,211 shares in the last quarter. Quest Partners LLC acquired a new stake in Asana in the third quarter valued at approximately $43,000. Redwood Wealth Management Group LLC bought a new stake in Asana in the second quarter worth approximately $65,000. Finally, Daiwa Securities Group Inc. increased its stake in shares of 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 purchasing an additional 1,028 shares during the last quarter. Hedge funds and other institutional investors own 26.21% of the company’s stock.

About Asana

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.