Jefferies Financial Group Forecasts Strong Price Appreciation for Asana (NYSE:ASAN) Stock

Asana (NYSE:ASAN) had its target price increased by equities researchers at Jefferies Financial Group from $16.00 to $19.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “hold” rating on the stock. Jefferies Financial Group’s target price points to a potential downside of 13.40% from the stock’s current price.

A number of other brokerages have also weighed in on ASAN. Oppenheimer upped their target price on shares of Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. raised their price objective on Asana from $13.00 to $15.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. Piper Sandler raised Asana from a “neutral” rating to an “overweight” rating and increased their price target for the company from $19.00 to $27.00 in a research note on Monday. Robert W. Baird lifted their price objective on Asana from $13.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada reiterated an “underperform” rating and set a $10.00 target price on shares of Asana in a research report on Friday, December 6th. Two 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 MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $17.27.

Asana Price Performance

ASAN traded up $1.33 on Monday, hitting $21.94. 3,138,856 shares of the company’s stock traded hands, compared to its average volume of 2,544,612. Asana has a one year low of $11.05 and a one year high of $27.77. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. The firm has a market cap of $5.02 billion, a price-to-earnings ratio of -19.59 and a beta of 1.10. The company’s 50 day simple moving average is $17.72 and its 200-day simple moving average is $14.60.

Insider Activity at Asana

In other Asana news, COO Anne Raimondi sold 27,233 shares of the firm’s stock in a transaction 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 in the company, valued at $15,931,992.05. This trade represents a 3.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 63.97% of the stock is currently owned by company insiders.

Institutional Trading of Asana

Hedge funds have recently added to or reduced their stakes in the business. XTX Topco Ltd bought a new position in shares of Asana during the third quarter valued at approximately $538,000. Susquehanna Fundamental Investments LLC bought a new stake in Asana during the 2nd quarter valued at $3,050,000. Neo Ivy Capital Management increased its holdings in shares of Asana by 195.1% in the 3rd quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock valued at $1,964,000 after acquiring an additional 112,038 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Asana in the 2nd quarter worth $17,100,000. Finally, Marshall Wace LLP purchased a new stake in shares of Asana during the 2nd quarter worth $3,159,000. 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.