Asana, Inc. (NYSE:ASAN) COO Sells $357,385.93 in Stock

Asana, Inc. (NYSE:ASAN) COO Anne Raimondi sold 29,807 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $357,385.93. Following the transaction, the chief operating officer now owns 761,088 shares of the company’s stock, valued at approximately $9,125,445.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Asana Stock Down 1.7 %

NYSE ASAN opened at $11.69 on Thursday. Asana, Inc. has a 12 month low of $11.05 and a 12 month high of $23.44. The company has a market capitalization of $2.67 billion, a P/E ratio of -9.99 and a beta of 1.16. The company’s 50 day simple moving average is $13.17 and its 200 day simple moving average is $13.99. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63.

Asana (NYSE:ASAN) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.03. The company had revenue of $179.21 million for the quarter, compared to analysts’ expectations of $177.68 million. Asana had a negative return on equity of 81.88% and a negative net margin of 37.73%. The firm’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.31) earnings per share. Equities research analysts expect that Asana, Inc. will post -1.14 earnings per share for the current fiscal year.

Asana announced that its Board of Directors has approved a stock repurchase plan on Thursday, June 20th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Asana

A number of hedge funds and other institutional investors have recently modified their holdings of ASAN. Gilder Gagnon Howe & Co. LLC acquired a new stake in Asana during the 4th quarter worth about $25,246,000. Point72 Asset Management L.P. acquired a new stake in shares of Asana during the second quarter valued at approximately $17,100,000. Champlain Investment Partners LLC raised its holdings in shares of Asana by 26.9% during the first quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock valued at $62,456,000 after acquiring an additional 854,355 shares during the period. Vanguard Group Inc. lifted its position in shares of Asana by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock valued at $144,462,000 after acquiring an additional 490,823 shares in the last quarter. Finally, Norges Bank acquired a new position in Asana in the 4th quarter worth approximately $7,500,000. Institutional investors and hedge funds own 26.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JMP Securities decreased their target price on shares of Asana from $27.00 to $21.00 and set a “market outperform” rating for the company in a research report on Wednesday, September 4th. UBS Group lowered their target price on Asana from $17.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. KeyCorp reduced their price target on Asana from $12.00 to $10.00 and set an “underweight” rating for the company in a research report on Wednesday, September 4th. Morgan Stanley lowered their price target on Asana from $19.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 20th. Finally, Robert W. Baird decreased their target price on shares of Asana from $20.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $14.67.

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.