Asana, Inc. (NYSE:ASAN) Insider Sells $58,678.83 in Stock

Asana, Inc. (NYSE:ASAN) insider Eleanor B. Lacey sold 4,977 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.79, for a total transaction of $58,678.83. Following the completion of the sale, the insider now directly owns 370,333 shares in the company, valued at $4,366,226.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Asana Price Performance

Shares of NYSE:ASAN remained flat at $11.89 during midday trading on Tuesday. 2,098,446 shares of the stock traded hands, compared to its average volume of 2,086,486. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63. The stock’s 50 day simple moving average is $13.29 and its 200 day simple moving average is $14.05. The stock has a market cap of $2.71 billion, a PE ratio of -10.13 and a beta of 1.16. Asana, Inc. has a 52-week low of $11.05 and a 52-week high of $23.44.

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

Asana announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 20th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ASAN has been the topic of a number of analyst reports. HSBC upgraded shares of Asana from a “reduce” rating to a “hold” rating and lowered their target price for the stock from $16.00 to $14.00 in a research note on Monday, June 3rd. Royal Bank of Canada reiterated an “underperform” rating and issued a $10.00 price objective on shares of Asana in a research report on Wednesday, September 4th. Bank of America reduced their target price on Asana from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. KeyCorp lowered their price target on Asana from $12.00 to $10.00 and set an “underweight” rating on the stock in a report on Wednesday, September 4th. Finally, DA Davidson restated a “neutral” rating and issued a $11.00 price objective (down from $14.00) on shares of Asana in a research 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $14.67.

Hedge Funds Weigh In On Asana

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. purchased a new stake in Asana in the fourth quarter worth $197,000. Charles Schwab Investment Management Inc. boosted its holdings 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 in the last quarter. Norges Bank purchased a new stake in shares of Asana in the 4th quarter worth about $7,500,000. Quest Partners LLC purchased a new position in Asana during the 4th quarter valued at about $260,000. Finally, Edmond DE Rothschild Holding S.A. boosted its stake in Asana by 26.2% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 3,225 shares of the company’s stock worth $61,000 after acquiring an additional 669 shares in the last quarter. Hedge funds and other institutional investors own 26.21% of the company’s stock.

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.