Asana (NYSE:ASAN) Shares Gap Down After Analyst Downgrade

Asana, Inc. (NYSE:ASAN)’s share price gapped down before the market opened on Tuesday after DA Davidson lowered their price target on the stock from $20.00 to $12.00. The stock had previously closed at $16.68, but opened at $12.13. DA Davidson currently has a neutral rating on the stock. Asana shares last traded at $12.03, with a volume of 4,725,902 shares traded.

Other equities analysts have also issued research reports about the company. Piper Sandler reduced their price objective on Asana from $27.00 to $18.00 and set an “overweight” rating on the stock in a research note on Tuesday. KeyCorp upgraded shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price target on the stock in a research report on Friday, December 6th. Citigroup raised their price objective on shares of Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Bank of America reduced their target price on shares of Asana from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Jefferies Financial Group lowered their price target on shares of Asana from $19.00 to $15.00 and set a “hold” rating for the company in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $16.07.

Insider Transactions at Asana

In other Asana news, Director Justin Rosenstein sold 150,000 shares of Asana stock in a transaction on Monday, February 24th. The shares were sold at an average price of $19.76, for a total transaction of $2,964,000.00. Following the completion of the transaction, the director now directly owns 1,097,309 shares of the company’s stock, valued at $21,682,825.84. The trade was a 12.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Anne Raimondi sold 27,233 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the completion of the transaction, the chief operating officer now directly owns 733,855 shares in the company, valued at $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 723,300 shares of company stock valued at $15,161,068 over the last 90 days. 63.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Asana

Several hedge funds have recently bought and sold shares of ASAN. Brooklyn FI LLC bought a new position in shares of Asana during the fourth quarter worth approximately $8,138,000. Vise Technologies Inc. grew its holdings in Asana by 6.5% in the 4th quarter. Vise Technologies Inc. now owns 15,809 shares of the company’s stock valued at $320,000 after buying an additional 959 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Asana by 12.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 226,025 shares of the company’s stock worth $4,582,000 after buying an additional 25,607 shares during the period. Voloridge Investment Management LLC lifted its holdings in shares of Asana by 25.6% during the fourth quarter. Voloridge Investment Management LLC now owns 2,149,680 shares of the company’s stock worth $43,574,000 after buying an additional 438,057 shares in the last quarter. Finally, Woodline Partners LP acquired a new stake in Asana in the 4th quarter worth about $1,745,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

Asana Trading Down 24.3 %

The firm has a market capitalization of $2.89 billion, a P/E ratio of -11.28 and a beta of 1.13. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The firm has a 50 day moving average of $20.40 and a 200-day moving average of $16.86.

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.