DA Davidson Has Lowered Expectations for Asana (NYSE:ASAN) Stock Price

Asana (NYSE:ASAN) had its target price reduced by DA Davidson from $20.00 to $12.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s price target points to a potential downside of 5.20% from the stock’s previous close.

ASAN has been the topic of a number of other reports. UBS Group dropped their target price on Asana from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday. Bank of America dropped their price target on shares of Asana from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Tuesday. Morgan Stanley raised their price objective on shares of Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Friday, December 6th. Scotiabank decreased their target price on Asana from $18.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday. Finally, JMP Securities raised their price objective on Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Asana currently has an average rating of “Hold” and a consensus target price of $16.07.

Asana Stock Performance

NYSE ASAN traded down $4.02 during trading hours on Tuesday, hitting $12.66. 12,050,474 shares of the stock were exchanged, compared to its average volume of 2,539,351. The stock has a 50-day moving average of $20.55 and a 200 day moving average of $16.87. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The company has a market cap of $2.90 billion, a price-to-earnings ratio of -11.30 and a beta of 1.13. Asana has a 12-month low of $11.05 and a 12-month high of $27.77.

Insider Buying and Selling at Asana

In related news, COO Anne Raimondi sold 27,233 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $21.71, for a total value of $591,228.43. Following the transaction, the chief operating officer now directly owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. This trade represents a 3.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 sale, the director now directly owns 1,097,309 shares of the company’s stock, valued at $21,682,825.84. The trade was a 12.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 723,300 shares of company stock worth $15,161,068 over the last 90 days. Company insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP purchased a new stake in Asana in the third quarter valued at $497,000. MQS Management LLC purchased a new stake in Asana in the third quarter valued at approximately $141,000. KBC Group NV grew its stake in shares of Asana by 52.1% in the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after buying an additional 1,211 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Asana in the third quarter valued at approximately $43,000. Finally, Meeder Asset Management Inc. acquired a new position in Asana during the 3rd quarter worth $603,000. 26.21% of the stock is owned by hedge funds and other 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.