Asana’s (ASAN) “Reduce” Rating Reiterated at HSBC

HSBC reiterated their reduce rating on shares of Asana (NYSE:ASAN) in a research report released on Wednesday morning, MarketBeat Ratings reports. HSBC currently has a $10.00 price objective on the stock, down from their previous price objective of $13.00.

Other analysts have also recently issued research reports about the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $22.00 target price on shares of Asana in a report on Wednesday. KeyCorp reaffirmed a “sector weight” rating on shares of Asana in a report on Wednesday. Morgan Stanley reduced their target price on shares of Asana from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday. UBS Group raised their target price on shares of Asana from $14.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Bank of America cut their price objective on shares of Asana from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $15.97.

Asana Trading Up 1.0%

NYSE ASAN opened at $14.87 on Wednesday. The firm has a 50 day simple moving average of $16.31 and a 200-day simple moving average of $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 has a one year low of $11.05 and a one year high of $27.77. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of -13.28 and a beta of 1.23.

Asana (NYSE:ASAN) last issued its earnings results on Tuesday, June 3rd. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.03. The firm had revenue of $187.63 million for the quarter, compared to analysts’ expectations of $185.40 million. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%. The firm’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.06) earnings per share. Equities research analysts anticipate that Asana will post -1.09 EPS for the current fiscal year.

Insider Transactions at Asana

In other Asana news, CEO Dustin A. Moskovitz bought 225,000 shares of the stock in a transaction dated Monday, March 17th. The shares were acquired at an average cost of $14.02 per share, for a total transaction of $3,154,500.00. Following the completion of the transaction, the chief executive officer now owns 48,573,436 shares in the company, valued at approximately $680,999,572.72. The trade was a 0.47% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Justin Rosenstein sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $12.89, for a total transaction of $322,250.00. Following the transaction, the director now owns 922,309 shares in the company, valued at approximately $11,888,563.01. This trade represents a 2.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 2,074,507 shares of company stock worth $30,025,743. Insiders own 61.28% of the company’s stock.

Hedge Funds Weigh In On Asana

Hedge funds and other institutional investors have recently bought and sold shares of the company. Banque Cantonale Vaudoise purchased a new position in Asana in the 1st quarter valued at $28,000. Quarry LP purchased a new position in Asana in the 4th quarter valued at $29,000. AlphaQuest LLC grew its position in Asana by 825.1% in the 1st quarter. AlphaQuest LLC now owns 2,470 shares of the company’s stock valued at $36,000 after buying an additional 2,203 shares during the last quarter. Bogart Wealth LLC purchased a new position in Asana in the 4th quarter valued at $61,000. Finally, SBI Securities Co. Ltd. purchased a new position in Asana in the 4th quarter valued at $82,000. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

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.