Asana (NYSE:ASAN) Shares Gap Up – Time to Buy?

Shares of Asana, Inc. (NYSE:ASAN) gapped up prior to trading on Wednesday . The stock had previously closed at $15.18, but opened at $15.65. Asana shares last traded at $15.43, with a volume of 372,449 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ASAN shares. Piper Sandler reduced their target price on Asana from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Royal Bank of Canada restated an “underperform” rating and set a $10.00 price objective on shares of Asana in a research report on Wednesday, October 23rd. DA Davidson boosted their price objective on Asana from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Scotiabank started coverage on Asana in a research report on Monday, November 18th. They set a “sector perform” rating and a $15.00 price objective on the stock. Finally, Citigroup reduced their price objective on Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $14.27.

Asana Stock Up 3.9 %

The stock has a 50 day moving average price of $13.01 and a 200-day moving average price of $13.22. The stock has a market capitalization of $3.60 billion, a P/E ratio of -13.20 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63.

Asana (NYSE:ASAN) last posted its 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. Asana had a negative return on equity of 81.88% and a negative net margin of 37.73%. The company had revenue of $179.21 million for the quarter, compared to analysts’ expectations of $177.68 million. During the same period last year, the firm earned ($0.31) earnings per share. Asana’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, research analysts expect that Asana, Inc. will post -1.14 EPS for the current fiscal year.

Insider Activity

In other Asana news, COO Anne Raimondi sold 29,807 shares of Asana stock in a transaction that occurred on 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 sale, the chief operating officer now owns 761,088 shares of the company’s stock, valued at approximately $9,125,445.12. The trade was a 3.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eleanor B. Lacey sold 9,308 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 375,310 shares of the company’s stock, valued at approximately $4,499,966.90. The trade was a 2.42 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,092 shares of company stock worth $527,668. Insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

Hedge funds have recently modified their holdings of the business. Susquehanna Fundamental Investments LLC bought a new stake in shares of Asana during the 2nd quarter valued at $3,050,000. Point72 Asset Management L.P. bought a new stake in shares of Asana during the 2nd quarter valued at $17,100,000. Marshall Wace LLP bought a new stake in shares of Asana during the 2nd quarter valued at $3,159,000. Intech Investment Management LLC bought a new stake in shares of Asana during the 3rd quarter valued at $456,000. Finally, Olympiad Research LP purchased a new position in shares of Asana during the 3rd quarter valued at $792,000. Institutional investors own 26.21% of the company’s stock.

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.