Parallel Advisors LLC Sells 836 Shares of Asana, Inc. (NYSE:ASAN)

Parallel Advisors LLC cut its holdings in Asana, Inc. (NYSE:ASAN) by 2.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 31,225 shares of the company’s stock after selling 836 shares during the period. Parallel Advisors LLC’s holdings in Asana were worth $437,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in ASAN. Gilder Gagnon Howe & Co. LLC bought a new position in shares of Asana in the fourth quarter worth about $25,246,000. Champlain Investment Partners LLC increased its stake in shares of Asana by 26.9% in the first quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock worth $62,456,000 after purchasing an additional 854,355 shares during the period. Vanguard Group Inc. increased its stake in shares of Asana by 5.6% in the first quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock worth $144,462,000 after purchasing an additional 490,823 shares during the period. Norges Bank bought a new position in shares of Asana in the fourth quarter worth about $7,500,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Asana by 15.2% in the fourth 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 period. 26.21% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Tim M. Wan sold 28,856 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $330,112.64. Following the sale, the chief financial officer now directly owns 1,050,284 shares in the company, valued at approximately $12,015,248.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Asana news, CFO Tim M. Wan sold 28,856 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $330,112.64. Following the transaction, the chief financial officer now directly owns 1,050,284 shares in the company, valued at approximately $12,015,248.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Tim M. Wan sold 10,000 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $15.00, for a total value of $150,000.00. Following the completion of 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. Insiders have sold a total of 84,443 shares of company stock worth $1,026,976 in the last three months. Insiders own 63.97% of the company’s stock.

Asana Stock Down 0.9 %

NYSE ASAN opened at $12.03 on Wednesday. The firm has a market cap of $2.74 billion, a PE ratio of -10.28 and a beta of 1.16. Asana, Inc. has a one year low of $11.05 and a one year high of $23.44. The stock’s 50 day simple moving average is $13.41 and its 200 day simple moving average is $14.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63.

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

Asana declared that its board has initiated a stock buyback program 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

ASAN has been the subject of several recent research reports. Oppenheimer cut 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. Jefferies Financial Group cut their price target on Asana from $17.00 to $16.00 and set a “hold” rating for the company in a report on Friday, May 31st. Bank of America cut their price target on Asana from $18.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. UBS Group cut their price target on Asana from $17.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Finally, Citigroup dropped their target price on Asana from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $14.67.

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.