Morgan Stanley Cuts Asana (NYSE:ASAN) Price Target to $15.00

Asana (NYSE:ASAN) had its price objective reduced by analysts at Morgan Stanley from $18.00 to $15.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 18.72% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research note on Tuesday. Jefferies Financial Group reduced their price objective on shares of Asana from $19.00 to $15.00 and set a “hold” rating on the stock in a research report on Tuesday. Oppenheimer raised their price objective on shares of Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. DA Davidson cut their target price on Asana from $20.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Bank of America dropped their price objective on Asana from $30.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday. Two equities 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. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $15.87.

Asana Stock Performance

NYSE:ASAN opened at $12.64 on Wednesday. The firm has a market capitalization of $2.89 billion, a PE ratio of -11.28 and a beta of 1.13. The stock’s fifty day moving average is $20.40 and its 200 day moving average is $16.86. Asana has a fifty-two week low of $11.05 and a fifty-two week high of $27.77. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49.

Insiders Place Their Bets

In related news, COO Anne Raimondi sold 27,233 shares of the business’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 transaction of $591,228.43. Following the completion of the transaction, the chief operating officer now owns 733,855 shares in the company, valued at $15,931,992.05. The trade was a 3.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Justin Rosenstein sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $19.76, for a total transaction of $2,964,000.00. Following the completion of the sale, the director now owns 1,097,309 shares of the company’s stock, valued at approximately $21,682,825.84. This trade represents a 12.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 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 Trading of Asana

A number of institutional investors have recently made changes to their positions in the business. Voya Investment Management LLC increased its position in Asana by 8.1% during the 4th quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock valued at $254,166,000 after buying an additional 937,726 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in shares of Asana by 25.6% during the fourth quarter. Voloridge Investment Management LLC now owns 2,149,680 shares of the company’s stock valued at $43,574,000 after acquiring an additional 438,057 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Asana during the fourth quarter valued at about $38,966,000. Geode Capital Management LLC raised its position in shares of Asana by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock valued at $21,605,000 after purchasing an additional 12,055 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in Asana by 17.6% in the 4th quarter. First Trust Advisors LP now owns 1,743,981 shares of the company’s stock worth $35,350,000 after purchasing an additional 261,298 shares in the last quarter. 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.