Asana (NYSE:ASAN) Sees Unusually-High Trading Volume After Analyst Upgrade

Asana, Inc. (NYSE:ASAN) saw an uptick in trading volume on Monday after Scotiabank raised their price target on the stock from $15.00 to $18.00. Scotiabank currently has a sector perform rating on the stock. 4,241,778 shares traded hands during trading, an increase of 102% from the previous session’s volume of 2,097,605 shares.The stock last traded at $25.19 and had previously closed at $22.19.

A number of other research analysts have also recently commented on ASAN. Oppenheimer increased their target price on Asana from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday. JMP Securities boosted their target price on Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday. Morgan Stanley increased their price target on shares of Asana from $14.00 to $18.00 and gave the company an “equal weight” rating in a research report on Friday. JPMorgan Chase & Co. lifted their price target on shares of Asana from $13.00 to $15.00 and gave the stock an “underweight” rating in a research note on Friday. Finally, Bank of America cut their price objective on shares of Asana from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Asana currently has a consensus rating of “Hold” and an average target price of $16.53.

Insider Buying and Selling

In other news, COO Anne Raimondi sold 29,807 shares of the business’s 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 sale, the chief operating officer now directly owns 761,088 shares of the company’s stock, valued at $9,125,445.12. The trade was a 3.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Eleanor B. Lacey sold 4,977 shares of the firm’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 value of $58,678.83. Following the transaction, the insider now directly owns 370,333 shares of the company’s stock, valued at approximately $4,366,226.07. This trade represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,092 shares of company stock valued at $527,668 over the last ninety days. Company insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

Several institutional investors and hedge funds have recently made changes to their positions in ASAN. Headlands Technologies LLC boosted its position in shares of Asana by 327.9% during the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock valued at $41,000 after buying an additional 2,220 shares during the last quarter. KBC Group NV boosted its holdings in shares of Asana by 52.1% during the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after acquiring an additional 1,211 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Asana in the third quarter worth approximately $43,000. Redwood Wealth Management Group LLC bought a new stake in shares of Asana in the second quarter worth approximately $65,000. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Asana by 26.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after purchasing an additional 1,028 shares during the last quarter. Institutional investors own 26.21% of the company’s stock.

Asana Trading Up 12.1 %

The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The stock’s 50-day moving average is $13.37 and its two-hundred day moving average is $13.27. The company has a market cap of $5.67 billion, a P/E ratio of -22.21 and a beta of 1.22.

Asana Company 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.