Asana (NYSE:ASAN) Earns “Reduce” Rating from HSBC

HSBC reissued their reduce rating on shares of Asana (NYSE:ASAN) in a research report released on Wednesday, Marketbeat Ratings reports. HSBC currently has a $10.00 target price on the stock, down from their prior target price of $13.00.

ASAN has been the topic of several other reports. Robert W. Baird boosted their target price on shares of Asana from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday. JMP Securities restated a “market outperform” rating and set a $22.00 target price on shares of Asana in a research report on Wednesday. Scotiabank boosted their target price on shares of Asana from $12.00 to $16.50 and gave the stock a “sector perform” rating in a research report on Wednesday. Jefferies Financial Group boosted their target price on shares of Asana from $15.00 to $17.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Bank of America decreased their target price on shares of Asana from $23.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $15.97.

Asana Price Performance

Shares of NYSE ASAN opened at $14.87 on Wednesday. The firm has a market capitalization of $3.47 billion, a P/E ratio of -13.28 and a beta of 1.23. Asana has a one year low of $11.05 and a one year high of $27.77. The company’s fifty day moving average is $16.31 and its two-hundred day moving average is $18.27. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49.

Asana (NYSE:ASAN) last issued its earnings results on Tuesday, June 3rd. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.02 by $0.03. The company had revenue of $187.63 million for the quarter, compared to analyst estimates of $185.40 million. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.06) EPS. Analysts forecast that Asana will post -1.09 EPS for the current fiscal year.

Insider Activity at Asana

In other news, CEO Dustin A. Moskovitz bought 225,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was purchased at an average price of $14.02 per share, with a total value of $3,154,500.00. Following the purchase, the chief executive officer now owns 48,573,436 shares of the company’s stock, valued at $680,999,572.72. This trade represents a 0.47% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Justin Rosenstein sold 25,000 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $12.89, for a total transaction of $322,250.00. Following the completion of the transaction, the director now directly owns 922,309 shares of the company’s stock, valued at $11,888,563.01. The trade was a 2.64% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders bought 2,074,507 shares of company stock valued at $30,025,743. 61.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in Asana in the 4th quarter valued at about $29,000. Banque Cantonale Vaudoise acquired a new position in shares of Asana during the 1st quarter valued at about $28,000. AlphaQuest LLC increased its stake in shares of Asana by 825.1% during the 1st quarter. AlphaQuest LLC now owns 2,470 shares of the company’s stock valued at $36,000 after acquiring an additional 2,203 shares during the last quarter. Bogart Wealth LLC acquired a new position in shares of Asana during the 4th quarter valued at about $61,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Asana during the 4th quarter valued at about $82,000. Institutional investors and hedge funds 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.