JPMorgan Chase & Co. Issues Pessimistic Forecast for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $15.00 to $13.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 6.82% from the company’s previous close.

A number of other research analysts have also issued reports on the company. Morgan Stanley lifted their target price on Asana from $14.00 to $18.00 and gave the company an “equal weight” rating in a report on Friday, December 6th. KeyCorp raised Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 target price on the stock in a research report on Friday, December 6th. DA Davidson upped their price objective on shares of Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Scotiabank decreased their price target on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday. Finally, Jefferies Financial Group decreased their price target on Asana from $19.00 to $15.00 and set a “hold” rating for the company in a report on Tuesday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $16.60.

Asana Stock Down 27.0 %

Asana stock traded down $4.51 during mid-day trading on Tuesday, reaching $12.17. 8,915,232 shares of the company’s stock were exchanged, compared to its average volume of 2,528,107. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. Asana has a twelve month low of $11.05 and a twelve month high of $27.77. The company has a market cap of $2.78 billion, a P/E ratio of -10.87 and a beta of 1.13. The company has a fifty day moving average of $20.55 and a 200-day moving average of $16.87.

Insider Buying and Selling

In other news, Director Justin Rosenstein sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $21.67, for a total transaction of $4,334,000.00. Following the completion of the transaction, the director now directly owns 1,847,309 shares in the company, valued at approximately $40,031,186.03. The trade was a 9.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Anne Raimondi sold 27,233 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the sale, the chief operating officer now owns 733,855 shares in the company, valued at approximately $15,931,992.05. This represents 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 have sold 723,300 shares of company stock valued at $15,161,068. Insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Quarry LP bought a new position in shares of Asana during the 4th quarter valued at about $29,000. KBC Group NV boosted its holdings in Asana by 52.1% during the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock worth $41,000 after buying an additional 1,211 shares in the last quarter. Quest Partners LLC acquired a new position in Asana in the third quarter worth approximately $43,000. Bogart Wealth LLC acquired a new stake in shares of Asana during the 4th quarter valued at $61,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Asana during the 4th quarter worth $82,000. Institutional investors and hedge funds 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.