Zacks Investment Research downgrades Asana (NYSE:ASAN) to Hold
Asana (NYSE:ASAN – Get Graded) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released Thursday, Zacks.com reports.
According to Zacks, “Asana Inc. provides a software-as-a-service work management platform that empowers individuals and teams to get work done. Asana Inc. is based in San Francisco, California.”
A number of other research firms have also weighed in on ASAN recently. Piper Sandler cut her price target on Asana from $100.00 to $55.00 and set an “overweight” rating for the company in a report on Thursday. JMP Securities cut its price target on Asana shares from $95.00 to $63.00 and set a “market outperformance” rating for the company in a research note on Thursday. Royal Bank of Canada cut its price target on Asana shares from $60.00 to $38.00 and set a “sector performance” rating for the company in a research note on Thursday. Morgan Stanley cut its price target on Asana shares from $80.00 to $64.00 and set an “equal weight” rating for the company in a Thursday, Feb. 24 report. Finally, DA Davidson assumed Asana stock coverage in a Wednesday, January 5, research note. They issued a “neutral” rating and a price target of $65.00 for the company. One financial analyst gave the stock a sell rating, six gave the company a hold rating and seven gave the company a buy rating. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $61.21.
ASAN stock traded at $10.80 at midday Thursday, hitting $38.01. 19,678,445 shares of the company were traded, compared to its average volume of 5,035,705. The company has a 50-day simple moving average of $57.32 and a two-hundred-day simple moving average of 87.56 $. The company has a market capitalization of $7.09 billion, a price-earnings ratio of -25.03 and a beta of 1.52. Asana has a 1-year minimum of $25.41 and a 1-year maximum of $145.79. The company has a quick ratio of 1.87, a current ratio of 1.87 and a leverage ratio of 0.14.
Asana (NYSE:ASAN – Get Rating) last released its quarterly results on Wednesday, March 9. The company reported ($0.25) EPS for the quarter, beating analyst consensus estimates of ($0.28) by $0.03. Asana had a negative return on equity of 199.15% and a negative net margin of 77.59%. The company posted revenue of $111.95 million for the quarter, versus analyst estimates of $105.18 million. During the same period of the previous year, the company posted ($0.32) earnings per share. The company’s quarterly revenue increased by 63.7% compared to the same quarter last year. Equity research analysts expect Asana to post EPS of -1.46 for the current year.
Separately, CEO Dustin A. Moskovitz acquired 500,000 shares of Asana in a deal that took place on Monday, December 13. The shares were purchased at an average price of $65.40 per share, for a total transaction of $32,700,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, available on the SEC’s website. Additionally, insider Eleanor B. Lacey sold 17,480 shares of the company in a trade dated Monday, January 3. The shares were sold at an average price of $72.28, for a total transaction of $1,263,454.40. The disclosure of this sale can be found here. In the past 90 days, insiders have bought 7,500,000 shares of the company worth $458,932,500 and sold 94,960 shares worth $5,898,282. 54.43% of the shares are currently held by insiders of the company.
Several hedge funds and other institutional investors have recently changed their positions in ASAN. Norges Bank acquired a new position in Asana during the fourth quarter worth approximately $23,048,000. Walleye Capital LLC increased its position in Asana shares by 20.9% in the fourth quarter. Walleye Capital LLC now owns 19,610 shares of the company valued at $1,462,000 after purchasing 3,387 additional shares in the last quarter. Vantage Financial Partners LLC acquired a new position in Asana stock in the fourth quarter worth approximately $373,000. JustInvest LLC increased its position in Asana shares by 27.2% in the fourth quarter. JustInvest LLC now owns 3,526 shares of the company valued at $263,000 after purchasing an additional 755 shares in the last quarter. Finally, BlackRock Inc. increased its position in Asana shares by 17.3% in the fourth quarter. BlackRock Inc. now owns 6,121,980 shares of the company valued at $456,394,000 after purchasing an additional 903,307 shares in the last quarter. Hedge funds and other institutional investors hold 31.09% of the company’s shares.
Asana Company Profile (Get a rating)
Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leaders, and executives in the United States and globally. It provides a software-as-a-service work management platform that enables individuals and teams to work faster while improving employee engagement by allowing everyone to see how their work relates to the mission of an organization.
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