Asana (NYSE:ASAN) Price Target Raised to $18.00

Scotiabank raised its price target for Asana (NYSE:ASAN) from an unspecified amount to another unspecified amount, maintaining a "sector perform" rating. This suggests a potential downside of 18.29% from the previous close. Other analysts have also adjusted their ratings, with a mix of hold, neutral, and outperform ratings. Asana's stock has seen significant trading activity, and the company reported a quarterly EPS of -0.05, exceeding estimates. Insiders have sold shares recently, and institutional investors have adjusted their stakes in the company.

Asana (NYSE:ASAN - Get Free Report) had its price objective boosted by equities researchers at Scotiabank from $15.00 to $18.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Scotiabank's price objective would suggest a potential downside of 18.29% from the company's previous close.

E-Commerce Wars: Asana and Monday.com Battle for the Top Spot

A number of other analysts have also commented on ASAN. DA Davidson lifted their price target on shares of Asana from $13.00 to $20.00 and gave the stock a "neutral" rating in a research note on Friday. Royal Bank of Canada reiterated an "underperform" rating and set a $10.00 price objective on shares of Asana in a research report on Friday. Oppenheimer lifted their price objective on shares of Asana from $20.00 to $22.00 and gave the company an "outperform" rating in a research report on Friday. Jefferies Financial Group boosted their price target on shares of Asana from $13.00 to $16.00 and gave the stock a "hold" rating in a research report on Friday. Finally, Robert W. Baird boosted their target price on shares of Asana from $13.00 to $19.00 and gave the company a "neutral" rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $16.53.

Check Out Our Latest Research Report on ASAN

Asana Trading Up 42.5 %

2 Earnings Dumpers Worth a Second Look

ASAN traded up $6.57 during trading on Friday, hitting $22.03. 22,476,801 shares of the stock traded hands, compared to its average volume of 2,081,247. The firm has a 50-day moving average of $13.17 and a 200 day moving average of $13.25. Asana has a 12-month low of $11.05 and a 12-month high of $22.54. 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 firm has a market capitalization of $5.03 billion, a P/E ratio of -19.28 and a beta of 1.22.

Asana (NYSE:ASAN - Get Free Report) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. The company had revenue of $179.21 million during the quarter, compared to analyst estimates of $177.68 million. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. Asana's quarterly revenue was up 10.3% compared to the same quarter last year. During the same period last year, the business earned ($0.31) EPS. Equities research analysts anticipate that Asana will post -1.14 EPS for the current year.

Insiders Place Their Bets

Asana sold the rip. Is it time to buy the dip?

In other Asana news, COO Anne Raimondi sold 29,807 shares of the company's stock in a transaction dated Friday, September 20th. The shares were 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 in the company, valued at approximately $9,125,445.12. This represents a 3.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Eleanor B. Lacey sold 9,308 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total transaction of $111,602.92. Following the completion of the transaction, the insider now owns 375,310 shares of the company's stock, valued at $4,499,966.90. This trade represents a 2.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,092 shares of company stock worth $527,668 in the last quarter. 63.97% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ASAN. Headlands Technologies LLC increased its stake in shares of Asana by 327.9% during the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company's stock worth $41,000 after purchasing an additional 2,220 shares during the last quarter. KBC Group NV increased its stake in shares of Asana by 52.1% during the 3rd quarter. KBC Group NV now owns 3,534 shares of the company's stock worth $41,000 after purchasing an additional 1,211 shares during the last quarter. Quest Partners LLC acquired a new position in Asana in the 3rd quarter valued at $43,000. Redwood Wealth Management Group LLC acquired a new position in Asana in the 2nd quarter valued at $65,000. Finally, Daiwa Securities Group Inc. grew its stake in Asana by 26.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company's stock valued at $70,000 after buying an additional 1,028 shares during the last quarter. Institutional investors and hedge funds own 26.21% of the company's stock.

About Asana

(Get Free Report)

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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