JPMorgan Chase & Co. Raises Asana (NYSE:ASAN) Price Target to $15.00

Asana (NYSE:ASAN) had its price objective hoisted by analysts at JPMorgan Chase & Co. from $13.00 to $15.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 32.40% from the company’s previous close.

A number of other analysts have also weighed in on the company. DA Davidson upped their target price on Asana from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. UBS Group dropped their price objective on Asana from $17.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Jefferies Financial Group lifted their target price on Asana from $13.00 to $16.00 and gave the company a “hold” rating in a research note on Friday. Royal Bank of Canada reissued an “underperform” rating and set a $10.00 price target on shares of Asana in a research report on Friday. Finally, Citigroup cut their price objective on shares of Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Asana has a consensus rating of “Hold” and an average target price of $16.53.

Asana Price Performance

Shares of ASAN opened at $22.19 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.63 and a current ratio of 1.63. The company has a 50 day moving average price of $13.37 and a 200-day moving average price of $13.30. Asana has a fifty-two week low of $11.05 and a fifty-two week high of $22.54. The stock has a market capitalization of $5.06 billion, a PE ratio of -19.81 and a beta of 1.22.

Insider Buying and Selling at Asana

In related news, insider Eleanor B. Lacey sold 9,308 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $111,602.92. Following the sale, the insider now owns 375,310 shares in the company, valued at $4,499,966.90. This represents a 2.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 transaction, the chief operating officer now owns 761,088 shares in the company, 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. In the last 90 days, insiders have sold 44,092 shares of company stock worth $527,668. 63.97% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Asana

Several hedge funds have recently added to or reduced their stakes in ASAN. Susquehanna Fundamental Investments LLC purchased a new position in shares of Asana during the 2nd quarter valued at about $3,050,000. Point72 Asset Management L.P. purchased a new position in Asana during the second quarter valued at approximately $17,100,000. Marshall Wace LLP acquired a new position in Asana in the second quarter valued at approximately $3,159,000. Intech Investment Management LLC acquired a new position in Asana in the third quarter valued at approximately $456,000. Finally, Olympiad Research LP purchased a new stake in Asana in the 3rd quarter worth approximately $792,000. 26.21% of the stock is owned by hedge funds and other 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.