Eleanor B. Lacey Sells 4,977 Shares of Asana, Inc. (NYSE:ASAN) Stock

Asana, Inc. (NYSE:ASAN) insider Eleanor B. Lacey sold 4,977 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.79, for a total transaction of $58,678.83. Following the completion of the transaction, the insider now directly owns 370,333 shares of the company’s stock, valued at approximately $4,366,226.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Asana Stock Down 1.7 %

ASAN opened at $11.69 on Thursday. Asana, Inc. has a 1 year low of $11.05 and a 1 year high of $23.44. The firm has a 50 day moving average price of $13.17 and a 200 day moving average price of $13.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.63 and a current ratio of 1.63. The company has a market cap of $2.67 billion, a PE ratio of -9.99 and a beta of 1.16.

Asana (NYSE:ASAN) last released its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. The company had revenue of $179.21 million during the quarter, compared to analyst estimates of $177.68 million. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.31) earnings per share. Sell-side analysts expect that Asana, Inc. will post -1.14 earnings per share for the current year.

Asana declared that its board has approved a stock repurchase plan on Thursday, June 20th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ASAN has been the subject of several recent analyst reports. Robert W. Baird lowered their target price on shares of Asana from $20.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Jefferies Financial Group lowered their price objective on Asana from $17.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, May 31st. KeyCorp reduced their target price on Asana from $12.00 to $10.00 and set an “underweight” rating on the stock in a research report on Wednesday, September 4th. Oppenheimer lowered their price target on Asana from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th. Finally, DA Davidson reiterated a “neutral” rating and set a $11.00 price objective (down from $14.00) on shares of Asana in a report on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Asana currently has an average rating of “Hold” and an average price target of $14.67.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Asana by 6.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 696,277 shares of the company’s stock worth $13,236,000 after purchasing an additional 43,564 shares in the last quarter. Victory Capital Management Inc. purchased a new position in Asana in the 4th quarter valued at about $197,000. Bessemer Group Inc. grew its stake in shares of Asana by 27.9% during the first quarter. Bessemer Group Inc. now owns 53,345 shares of the company’s stock valued at $827,000 after acquiring an additional 11,640 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Asana by 15.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock worth $33,891,000 after acquiring an additional 235,135 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Asana in the fourth quarter worth about $260,000. 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.