Asana (NYSE:ASAN) Shares Gap Down on Analyst Downgrade

Asana, Inc. (NYSE:ASAN)’s share price gapped down prior to trading on Tuesday after Scotiabank lowered their price target on the stock from $18.00 to $12.00. The stock had previously closed at $16.68, but opened at $12.13. Scotiabank currently has a sector perform rating on the stock. Asana shares last traded at $12.03, with a volume of 4,725,902 shares traded.

Several other analysts have also recently issued reports on ASAN. Robert W. Baird cut their target price on Asana from $23.00 to $13.00 and set a “neutral” rating on the stock in a research note on Tuesday. UBS Group reduced their target price on Asana from $18.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday. KeyCorp upgraded shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price target on the stock in a report on Friday, December 6th. Oppenheimer upped their price objective on shares of Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada reiterated an “underperform” rating and set a $10.00 price target on shares of Asana in a research report on Friday, December 6th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $16.73.

Insiders Place Their Bets

In related news, Director Justin Rosenstein sold 150,000 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $19.76, for a total transaction of $2,964,000.00. Following the completion of the sale, the director now owns 1,097,309 shares in the company, valued at approximately $21,682,825.84. This represents a 12.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Anne Raimondi sold 27,233 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the transaction, the chief operating officer now directly owns 733,855 shares in the company, valued at $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 723,300 shares of company stock valued at $15,161,068. 63.97% of the stock is owned by insiders.

Institutional Investors Weigh In On Asana

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP bought a new position in shares of Asana during the 4th quarter valued at approximately $29,000. KBC Group NV lifted its holdings 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 purchasing an additional 1,211 shares in the last quarter. Quest Partners LLC bought a new position in shares of Asana in the third quarter worth approximately $43,000. Bogart Wealth LLC purchased a new stake in shares of Asana in the fourth quarter worth $61,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Asana during the 4th quarter valued at $82,000. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Asana Stock Performance

The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. The company has a market cap of $2.76 billion, a PE ratio of -10.68 and a beta of 1.13. The business’s 50 day moving average is $20.55 and its two-hundred day moving average is $16.87.

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.