JPMorgan Chase & Co. Cuts Asana (NYSE:ASAN) Price Target to $13.00

Asana (NYSE:ASAN) had its price target lowered by JPMorgan Chase & Co. from $15.00 to $13.00 in a research note issued to investors on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the stock.

Several other equities research analysts have also weighed in on the stock. UBS Group cut their target price on shares of Asana from $18.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday. Robert W. Baird lowered their price objective on shares of Asana from $23.00 to $13.00 and set a “neutral” rating for the company in a research report on Tuesday. Scotiabank lowered their price objective on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday. Morgan Stanley increased their price objective on shares of Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Friday, December 6th. Finally, Bank of America lowered their price objective on shares of Asana from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Asana has an average rating of “Hold” and a consensus price target of $15.87.

Asana Trading Down 3.9 %

ASAN opened at $12.88 on Tuesday. The firm’s fifty day moving average is $20.12 and its two-hundred day moving average is $16.81. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a market cap of $2.95 billion, a PE ratio of -11.50 and a beta of 1.13. Asana has a twelve month low of $11.05 and a twelve month high of $27.77.

Insider Activity

In other news, COO Anne Raimondi sold 27,233 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the completion of the sale, the chief operating officer now owns 733,855 shares in the company, valued at approximately $15,931,992.05. This trade represents a 3.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Justin Rosenstein sold 150,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $19.76, for a total transaction of $2,964,000.00. Following the sale, the director now owns 1,097,309 shares of the company’s stock, valued at approximately $21,682,825.84. This represents a 12.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 723,300 shares of company stock valued at $15,161,068 in the last quarter. Company insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its stake in Asana by 105.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock worth $9,650,000 after purchasing an additional 427,576 shares in the last quarter. XTX Topco Ltd acquired a new stake in Asana in the 3rd quarter worth about $538,000. Neo Ivy Capital Management raised its stake in Asana by 195.1% in the 3rd quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock worth $1,964,000 after purchasing an additional 112,038 shares in the last quarter. Friedenthal Financial acquired a new stake in Asana in the 4th quarter worth about $762,000. Finally, Intech Investment Management LLC acquired a new stake in Asana in the 3rd quarter worth about $456,000. Institutional investors and hedge funds own 26.21% of the company’s stock.

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.