Rhumbline Advisers Has $1.62 Million Stock Position in Asana, Inc. (NYSE:ASAN)

Rhumbline Advisers raised its stake in Asana, Inc. (NYSE:ASAN) by 2.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,958 shares of the company’s stock after acquiring an additional 2,464 shares during the quarter. Rhumbline Advisers owned about 0.05% of Asana worth $1,622,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in 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 buying an additional 490,823 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings 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 acquiring an additional 854,355 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Asana by 15.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock worth $33,891,000 after purchasing an additional 235,135 shares during the last quarter. Gilder Gagnon Howe & Co. LLC bought a new position in shares of Asana in the 4th quarter valued at about $25,246,000. Finally, Charles Schwab Investment Management Inc. raised its stake 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 buying an additional 43,564 shares during the last quarter. 26.21% of the stock is owned by institutional investors.

Asana Stock Performance

Shares of Asana stock opened at $11.93 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of -10.20 and a beta of 1.16. The stock’s 50-day moving average is $13.33 and its 200-day moving average is $14.16. Asana, Inc. has a one year low of $11.05 and a one year high of $23.44.

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

Asana declared that its board has authorized a stock repurchase program on Thursday, June 20th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have commented on ASAN shares. Robert W. Baird dropped 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. Bank of America cut their target price on Asana from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. HSBC upgraded Asana from a “reduce” rating to a “hold” rating and reduced their target price for the stock from $16.00 to $14.00 in a report on Monday, June 3rd. KeyCorp lowered their price target on Asana from $12.00 to $10.00 and set an “underweight” rating for the company in a research note on Wednesday, September 4th. Finally, Oppenheimer reduced their price objective on shares of Asana from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $14.67.

Insider Activity at Asana

In other Asana news, CFO Tim M. Wan sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $15.00, for a total transaction of $150,000.00. Following the sale, the chief financial officer now directly owns 1,050,284 shares of the company’s stock, valued at approximately $15,754,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Eleanor B. Lacey sold 4,999 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $12.95, for a total value of $64,737.05. Following the completion of the sale, the insider now owns 384,150 shares of the company’s stock, valued at approximately $4,974,742.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Tim M. Wan sold 10,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $15.00, for a total transaction of $150,000.00. Following the transaction, the chief financial officer now owns 1,050,284 shares in the company, valued at $15,754,260. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,999 shares of company stock valued at $289,737. Corporate insiders own 63.97% of the company’s stock.

Asana Profile

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.