Asana (NYSE:ASAN) Given New $30.00 Price Target at JMP Securities

Posted by Defense World Staff on Jun 3rd, 2023

Asana (NYSE:ASAN – Get Rating) had its price objective increased by JMP Securities from $28.00 to $30.00 in a research note published on Friday morning, The Fly reports.

Several other equities research analysts have also recently weighed in on the company. DA Davidson cut Asana from a buy rating to a neutral rating and set a $21.00 target price for the company. in a research note on Friday. Piper Sandler boosted their target price on Asana from $13.00 to $24.00 and gave the stock a neutral rating in a research note on Thursday, March 9th. Credit Suisse Group restated a neutral rating and set a $18.00 target price on shares of Asana in a research note on Monday, March 13th. Oppenheimer boosted their target price on Asana from $25.00 to $28.00 and gave the stock an outperform rating in a research note on Thursday, March 9th. Finally, Royal Bank of Canada reaffirmed an underperform rating and set a $10.00 price target on shares of Asana in a research report on Thursday, March 9th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $21.98.

Asana Stock Performance

Shares of ASAN opened at $22.21 on Friday. The stock has a 50-day simple moving average of $18.93 and a 200-day simple moving average of $17.04. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.99 and a current ratio of 1.99. The stock has a market capitalization of $4.76 billion, a PE ratio of -10.88 and a beta of 1.29. Asana has a 1 year low of $11.32 and a 1 year high of $29.51.

Asana (NYSE:ASAN – Get Rating) last announced its quarterly earnings data on Thursday, June 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.09. The business had revenue of $152.41 million during the quarter, compared to analysts’ expectations of $150.55 million. Asana had a negative return on equity of 159.46% and a negative net margin of 74.52%. The business’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.52) EPS. On average, analysts predict that Asana will post -1.48 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Tim M. Wan sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 17th. The stock was sold at an average price of $21.31, for a total value of $426,200.00. Following the transaction, the chief financial officer now owns 607,051 shares of the company’s stock, valued at $12,936,256.81. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Tim M. Wan sold 20,000 shares of the company’s stock in a transaction on Friday, March 17th. The stock was sold at an average price of $21.31, for a total transaction of $426,200.00. Following the transaction, the chief financial officer now owns 607,051 shares of the company’s stock, valued at $12,936,256.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Tim M. Wan sold 3,336 shares of the company’s stock in a transaction on Thursday, March 23rd. The stock was sold at an average price of $20.86, for a total value of $69,588.96. Following the transaction, the chief financial officer now directly owns 603,715 shares in the company, valued at approximately $12,593,494.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,346 shares of company stock valued at $538,214. Company insiders own 61.87% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ASAN. US Bancorp DE grew its holdings in Asana by 118.7% during the first quarter. US Bancorp DE now owns 1,216 shares of the company’s stock worth $26,000 after acquiring an additional 660 shares during the period. FMR LLC boosted its position in Asana by 120.4% during the second quarter. FMR LLC now owns 1,578 shares of the company’s stock worth $28,000 after purchasing an additional 862 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in Asana during the first quarter worth $33,000. Harvest Fund Management Co. Ltd purchased a new stake in Asana during the first quarter worth $33,000. Finally, HBK Sorce Advisory LLC boosted its position in Asana by 100.0% during the fourth quarter. HBK Sorce Advisory LLC now owns 30,000 shares of the company’s stock worth $34,000 after purchasing an additional 15,000 shares in the last quarter. Institutional investors and hedge funds own 28.22% of the company’s stock.

Asana Company Profile

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Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. The company's platform enables teams to orchestrate work from daily tasks to cross-functional strategic initiatives; and manages product launches, marketing campaigns, and organization-wide goal settings.

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