Asana (NYSE:ASAN) Shares Gap Up on Analyst Upgrade

Asana, Inc. (NYSE:ASAN)’s share price gapped up prior to trading on Monday after Jefferies Financial Group raised their price target on the stock from $16.00 to $19.00. The stock had previously closed at $20.61, but opened at $22.50. Jefferies Financial Group currently has a hold rating on the stock. Asana shares last traded at $22.48, with a volume of 672,776 shares changing hands.

A number of other equities research analysts have also recently commented on the stock. Scotiabank upped their target price on shares of Asana from $15.00 to $18.00 and gave the company a “sector perform” rating in a report on Friday, December 6th. Morgan Stanley increased their price objective on Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Friday, December 6th. Piper Sandler raised Asana from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $19.00 to $27.00 in a report on Monday. JPMorgan Chase & Co. increased their price target on Asana from $13.00 to $15.00 and gave the stock an “underweight” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada reissued an “underperform” rating and issued a $10.00 price objective on shares of Asana in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $17.27.

Insider Buying and Selling

In related news, COO Anne Raimondi sold 27,233 shares of Asana 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 completion of the transaction, the chief operating officer now directly owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 63.97% of the stock is owned by insiders.

Hedge Funds Weigh In On Asana

Hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. acquired a new stake in shares of Asana in the second quarter valued at approximately $17,100,000. JPMorgan Chase & Co. lifted its stake in Asana by 105.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock valued at $9,650,000 after buying an additional 427,576 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Asana during the second quarter worth $5,169,000. Marshall Wace LLP purchased a new position in Asana during the second quarter worth $3,159,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Asana in the second quarter worth $3,050,000. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Asana Price Performance

The firm has a market capitalization of $4.66 billion, a PE ratio of -18.21 and a beta of 1.10. The company has a 50-day moving average price of $18.09 and a 200-day moving average price of $14.72. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49.

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.