Asana (NYSE:ASAN) Price Target Raised to $18.00
Asana (NYSE:ASAN) received an upgrade in its price target from analysts at Scotiabank, who raised their estimate from $15.00 to $18.00 in a recent report issued to investors. In this note, the brokerage also assigned Asana a 'sector perform' rating, indicating a neutral view of the company's stock performance in relation to its peers.
Scotiabank's increased price target suggests that there is an expected downside of approximately 18.29% from Asana's previous market close. This adjustment comes amidst a series of evaluations by different financial institutions concerning Asana's market standing.
Analyst Ratings Overview
Several analysts have weighed in on Asana recently, providing a range of price targets and ratings. DA Davidson lifted their target from $13.00 to $20.00 while maintaining a 'neutral' rating on the stock. The Royal Bank of Canada took a more conservative stance, reiterating an 'underperform' rating with a target price set at $10.00. Meanwhile, Oppenheimer increased its price objective from $20.00 to $22.00, giving Asana an 'outperform' rating.
Jefferies Financial Group adjusted its target from $13.00 to $16.00 while assigning a 'hold' rating. Robert W. Baird also revised its own target from $13.00 to $19.00 with a 'neutral' stance. Overall, the consensus on the stock shows that out of fifteen analysts, two have rated it as a sell, ten have issued hold ratings, and three have suggested a buy. Analysts now report a consensus rating of 'Hold' with a price target averaging around $16.53, according to MarketBeat.
Market Performance and Stock Movements
On the trading day of the report, Asana's shares rose by $6.57 to reach $22.03. During that session, around 22,476,801 shares exchanged hands, significantly higher than its average volume of 2,081,247. Currently, Asana’s stock has a 50-day moving average of $13.17 and a 200-day moving average of $13.25. It has seen a 12-month low of $11.05 and a high of $22.54. The company's market capitalization stands at about $5.03 billion, with a P/E ratio of -19.28 and a beta of 1.22.
Recent Earnings Report
Asana's most recent quarterly earnings report, released on September 3rd, revealed that the company achieved earnings of ($0.05) per share, which surpassed the expected estimate of ($0.08) by $0.03. Additionally, Asana generated $179.21 million in revenue during the quarter, outperforming the predicted $177.68 million. However, the company recorded a negative net margin of 37.73% and a negative return on equity of 81.88%. Notably, its revenue increased by 10.3% compared to the same quarter the previous year, when it reported earnings of ($0.31) per share. Analysts forecast that Asana will post an EPS of -1.14 for the current financial year.
Insider Transactions
There were also significant insider transactions reported. Chief Operating Officer Anne Raimondi sold 29,807 shares on September 20th at an average price of $11.99, totaling approximately $357,385.93. Following this transaction, she holds 761,088 shares currently worth around $9,125,445.12, reflecting a 3.77% decrease in her holdings. Furthermore, insider Eleanor B. Lacey sold 9,308 shares on the same date for a total of $111,602.92, after which she retained ownership of 375,310 shares valued at approximately $4,499,966.90, a 2.42% decline in position. In total, insiders sold 44,092 shares worth $527,668 over the past quarter, with corporate insiders owning 63.97% of the stock.
Institutional Movements
Institutional interest in Asana has also been noted recently. Headlands Technologies LLC increased its stake by 327.9% in the second quarter, now owning 2,897 shares valued at $41,000 after acquiring an additional 2,220 shares. KBC Group NV raised its holdings by 52.1% in the third quarter, acquiring 1,211 more shares to reach a total of 3,534 shares, also worth $41,000. Additionally, both Quest Partners LLC and Redwood Wealth Management Group LLC have newly entered positions in Asana, valued at $43,000 and $65,000, respectively. Institutional and hedge funds own 26.21% of Asana’s stock.
About Asana
Asana, Inc. operates a work management platform designed for teams and individuals aiming to organize their tasks and projects efficiently. This platform aids organizations in managing daily tasks, tracking project progress, and effective communication of company-wide goals, thus providing real-time insights into overall progress across various initiatives.
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