Insider Selling: Asana, Inc. (NYSE:ASAN) COO Sells 29,807 Shares of Stock

Asana, Inc. (NYSE:ASAN) COO Anne Raimondi sold 29,807 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $357,385.93. Following the completion of the transaction, the chief operating officer now directly owns 761,088 shares of the company’s stock, valued at $9,125,445.12. The sale was disclosed in a filing with the SEC, which is available through this link.

Asana Stock Performance

ASAN remained flat at $11.89 during trading on Tuesday. The company had a trading volume of 2,253,840 shares, compared to its average volume of 2,086,486. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14. Asana, Inc. has a 1 year low of $11.05 and a 1 year high of $23.44. The firm has a market capitalization of $2.71 billion, a P/E ratio of -10.13 and a beta of 1.16. The company has a 50-day moving average of $13.29 and a 200-day moving average of $14.05.

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

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on ASAN shares. KeyCorp decreased 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. HSBC upgraded shares of Asana from a “reduce” rating to a “hold” rating and decreased their target price for the company from $16.00 to $14.00 in a research report on Monday, June 3rd. Oppenheimer dropped their price target on shares of Asana from $23.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Piper Sandler lowered their price objective on shares of Asana from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Finally, UBS Group cut their target price on Asana from $17.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $14.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. purchased a new position in Asana during the second quarter valued at approximately $17,100,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Asana during the 2nd quarter valued at $3,050,000. Scientech Research LLC purchased a new position in shares of Asana during the 2nd quarter valued at $146,000. The Manufacturers Life Insurance Company increased its stake in shares of Asana by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 49,096 shares of the company’s stock worth $687,000 after acquiring an additional 1,888 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Asana by 25.6% during the second quarter. AQR Capital Management LLC now owns 32,503 shares of the company’s stock worth $444,000 after acquiring an additional 6,634 shares in the last quarter. Hedge funds and other 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.