Asana (NYSE:ASAN) Shares Gap Down After Analyst Downgrade

Asana, Inc. (NYSE:ASAN)’s stock price gapped down before the market opened on Tuesday after Scotiabank lowered their price target on the stock from $18.00 to $12.00. The stock had previously closed at $16.68, but opened at $12.13. Scotiabank currently has a sector perform rating on the stock. Asana shares last traded at $12.03, with a volume of 4,725,902 shares changing hands.

Several other research firms have also recently issued reports on ASAN. Royal Bank of Canada reissued an “underperform” rating and issued a $10.00 price objective on shares of Asana in a research report on Friday, December 6th. UBS Group decreased their price objective on Asana from $18.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday. Jefferies Financial Group dropped their target price on shares of Asana from $19.00 to $15.00 and set a “hold” rating on the stock in a report on Tuesday. Bank of America reduced their price target on shares of Asana from $30.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday. Finally, JMP Securities increased their price objective on shares of Asana from $21.00 to $25.00 and gave the company 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 assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $16.73.

Insider Buying and Selling at Asana

In related news, Director Justin Rosenstein sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $19.76, for a total value of $2,964,000.00. Following the sale, the director now owns 1,097,309 shares in the company, valued at $21,682,825.84. This represents a 12.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Anne Raimondi sold 27,233 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $21.71, for a total transaction of $591,228.43. Following the transaction, the chief operating officer now directly owns 733,855 shares of the company’s stock, valued at $15,931,992.05. This represents a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 723,300 shares of company stock worth $15,161,068. 63.97% of the stock is owned by corporate insiders.

Institutional Trading of Asana

Several large investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership acquired a new position in Asana during the fourth quarter valued at $38,966,000. Paradice Investment Management LLC purchased a new position in shares of Asana during the 4th quarter valued at about $22,507,000. Two Sigma Investments LP lifted its holdings in shares of Asana by 288.1% in the 4th quarter. Two Sigma Investments LP now owns 1,405,088 shares of the company’s stock valued at $28,481,000 after buying an additional 1,043,047 shares during the period. Voya Investment Management LLC boosted its stake in shares of Asana by 8.1% in the fourth quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock worth $254,166,000 after buying an additional 937,726 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Asana during the fourth quarter worth about $11,781,000. 26.21% of the stock is owned by hedge funds and other institutional investors.

Asana Stock Performance

The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of -10.68 and a beta of 1.13. The firm has a fifty day moving average of $20.55 and a 200 day moving average of $16.87. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49.

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.