Insider Selling: Asana, Inc. (NYSE:ASAN) Insider Sells 9,000 Shares of Stock

Asana, Inc. (NYSE:ASAN) insider Eleanor B. Lacey sold 9,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total transaction of $102,960.00. Following the sale, the insider now directly owns 389,149 shares in the company, valued at $4,451,864.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Asana Stock Down 4.5 %

Shares of NYSE:ASAN traded down $0.59 during midday trading on Monday, reaching $12.52. 4,276,262 shares of the company were exchanged, compared to its average volume of 2,098,462. Asana, Inc. has a fifty-two week low of $11.29 and a fifty-two week high of $24.81. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.13. The stock has a fifty day simple moving average of $14.20 and a two-hundred day simple moving average of $16.58. The firm has a market cap of $2.86 billion, a PE ratio of -10.70 and a beta of 1.15.

Asana (NYSE:ASAN) last released its earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. The business had revenue of $172.45 million during the quarter, compared to the consensus estimate of $168.53 million. Asana had a negative net margin of 38.55% and a negative return on equity of 77.48%. As a group, sell-side analysts forecast that Asana, Inc. will post -1.04 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ASAN. Piper Sandler upgraded shares of Asana from an “underweight” rating to a “neutral” rating and cut their price objective for the company from $18.00 to $16.00 in a report on Friday, May 31st. Oppenheimer cut their target price on shares of Asana from $28.00 to $23.00 and set an “outperform” rating on the stock in a report on Friday, May 31st. HSBC upgraded shares of Asana from a “reduce” rating to a “hold” rating and cut their target price for the stock from $16.00 to $14.00 in a report on Monday, June 3rd. Jefferies Financial Group cut their target price on shares of Asana from $17.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, May 31st. Finally, KeyCorp cut their target price on shares of Asana from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Friday, May 31st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $18.75.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Asana by 5.6% in the first quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock valued at $144,462,000 after purchasing an additional 490,823 shares in the last quarter. Champlain Investment Partners LLC grew its position in Asana by 26.9% in the first quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock valued at $62,456,000 after purchasing an additional 854,355 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Asana by 15.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock valued at $33,891,000 after purchasing an additional 235,135 shares in the last quarter. Gilder Gagnon Howe & Co. LLC bought a new position in Asana in the fourth quarter valued at $25,246,000. Finally, Charles Schwab Investment Management Inc. grew its position in Asana by 6.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 696,277 shares of the company’s stock valued at $13,236,000 after purchasing an additional 43,564 shares in the last quarter. Institutional investors 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.