18,045 Shares in Asana, Inc. (NYSE:ASAN) Purchased by Seven Eight Capital LP

Seven Eight Capital LP acquired a new position in Asana, Inc. (NYSE:ASAN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 18,045 shares of the company’s stock, valued at approximately $252,000.

A number of other hedge funds have also made changes to their positions in ASAN. Vanguard Group Inc. grew its holdings 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 in the last quarter. Champlain Investment Partners LLC boosted its holdings in Asana by 26.9% in the 1st quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock valued at $62,456,000 after purchasing an additional 854,355 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Asana by 15.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock valued at $33,891,000 after buying an additional 235,135 shares during the period. Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Asana during the 4th quarter worth approximately $25,246,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Asana by 6.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 696,277 shares of the company’s stock valued at $13,236,000 after buying an additional 43,564 shares during the period. Institutional investors and hedge funds own 26.21% of the company’s stock.

Asana Stock Performance

Asana stock opened at $11.88 on Tuesday. Asana, Inc. has a 52 week low of $11.05 and a 52 week high of $23.44. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14. The stock has a market cap of $2.71 billion, a P/E ratio of -10.16 and a beta of 1.16. The stock has a 50 day moving average of $13.33 and a 200-day moving average of $14.10.

Asana (NYSE:ASAN) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.03. The firm had revenue of $179.21 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.31) earnings per share. On average, analysts expect that Asana, Inc. will post -1.14 EPS 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 repurchase up to 5.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Asana

In other Asana news, CFO Tim M. Wan sold 5,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $15.00, for a total value of $75,000.00. Following the completion of the transaction, the chief financial officer now owns 1,063,909 shares in the company, valued at approximately $15,958,635. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Tim M. Wan sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $15.00, for a total transaction of $75,000.00. Following the sale, the chief financial officer now owns 1,063,909 shares of the company’s stock, valued at $15,958,635. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Tim M. Wan sold 10,000 shares of the company’s 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 sale, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at approximately $15,754,260. The disclosure for this sale can be found here. 63.97% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. KeyCorp cut their price objective on Asana from $12.00 to $10.00 and set an “underweight” rating for the company in a research report on Wednesday, September 4th. Morgan Stanley cut their target price on Asana from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 20th. Jefferies Financial Group dropped their target price on Asana from $17.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, May 31st. HSBC upgraded shares of Asana from a “reduce” rating to a “hold” rating and dropped their price objective for the company from $16.00 to $14.00 in a report on Monday, June 3rd. Finally, JPMorgan Chase & Co. reduced their target price on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a report 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.com, the stock currently has an average rating of “Hold” and a consensus price target of $14.67.

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.