Morgan Stanley Lowers Asana (NYSE:ASAN) Price Target to $14.00

Asana (NYSE:ASAN) had its price target reduced by equities researchers at Morgan Stanley from $15.00 to $14.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential downside of 10.29% from the company’s current price.

A number of other brokerages have also weighed in on ASAN. JMP Securities set a $22.00 target price on shares of Asana in a research report on Tuesday, March 11th. JPMorgan Chase & Co. reduced their price objective on shares of Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a research note on Tuesday, March 11th. Citigroup increased their target price on Asana from $16.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Scotiabank reduced their price target on Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, March 11th. Finally, Bank of America cut their target price on Asana from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $15.60.

Asana Stock Performance

NYSE ASAN traded down $0.09 on Wednesday, hitting $15.61. 330,031 shares of the stock traded hands, compared to its average volume of 2,732,777. The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of -13.92 and a beta of 1.23. The business’s fifty day moving average is $17.31 and its two-hundred day moving average is $17.21. 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 has a 12 month low of $11.05 and a 12 month high of $27.77.

Insider Transactions at Asana

In other Asana news, Director Justin Rosenstein sold 25,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $12.89, for a total value of $322,250.00. Following the sale, the director now owns 922,309 shares of the company’s stock, valued at $11,888,563.01. This trade represents a 2.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Anne Raimondi sold 18,775 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $14.03, for a total value of $263,413.25. Following the transaction, the chief operating officer now directly owns 716,580 shares of the company’s stock, valued at $10,053,617.40. The trade was a 2.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 2,024,507 shares of company stock worth $29,233,743 and have sold 739,842 shares worth $15,155,503. Company insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

A number of institutional investors have recently bought and sold shares of the stock. Vise Technologies Inc. boosted its position in shares of Asana by 6.5% during the fourth quarter. Vise Technologies Inc. now owns 15,809 shares of the company’s stock valued at $320,000 after purchasing an additional 959 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Asana by 3.1% during the 1st quarter. SG Americas Securities LLC now owns 32,460 shares of the company’s stock valued at $473,000 after buying an additional 974 shares in the last quarter. Quarry LP purchased a new stake in shares of Asana in the 4th quarter worth about $29,000. KBC Group NV increased its stake in shares of Asana by 58.8% in the 4th quarter. KBC Group NV now owns 5,612 shares of the company’s stock worth $114,000 after acquiring an additional 2,078 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Asana by 5.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,218 shares of the company’s stock valued at $937,000 after acquiring an additional 2,538 shares during the period. 26.21% of the stock is owned by institutional investors.

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.