Empowered Funds LLC Makes New Investment in Asana, Inc. (NYSE:ASAN)

Empowered Funds LLC purchased a new position in shares of Asana, Inc. (NYSE:ASAN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 18,060 shares of the company’s stock, valued at approximately $366,000.

A number of other large investors also recently made changes to their positions in ASAN. KBC Group NV grew its holdings in Asana by 52.1% in the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after purchasing an additional 1,211 shares during the period. Quest Partners LLC acquired a new position in shares of Asana in the 3rd quarter valued at $43,000. MQS Management LLC purchased a new stake in shares of Asana during the 3rd quarter valued at $141,000. Paloma Partners Management Co acquired a new stake in shares of Asana during the 3rd quarter worth $143,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Asana in the 3rd quarter worth $189,000. Hedge funds and other institutional investors own 26.21% of the company’s stock.

Asana Stock Performance

NYSE:ASAN opened at $22.00 on Friday. The firm has a 50-day moving average of $21.54 and a two-hundred day moving average of $16.32. 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 has a market cap of $5.03 billion, a P/E ratio of -19.64 and a beta of 1.11. Asana, Inc. has a 1-year low of $11.05 and a 1-year high of $27.77.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. KeyCorp raised Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price target for the company in a research report on Friday, December 6th. Morgan Stanley boosted their target price on Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a report on Friday, December 6th. Robert W. Baird increased their target price on shares of Asana from $13.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Oppenheimer lifted their price target on shares of Asana from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Finally, Piper Sandler reissued an “overweight” rating and issued a $27.00 price objective on shares of Asana in a research report on Thursday, February 6th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.73.

Insider Buying and Selling

In other Asana news, COO Anne Raimondi sold 27,233 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $15,931,992.05. This trade represents a 3.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justin Rosenstein sold 196,067 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $21.78, for a total transaction of $4,270,339.26. Following the completion of the sale, the director now owns 1,651,242 shares in the company, valued at approximately $35,964,050.76. This trade represents a 10.61 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 573,300 shares of company stock worth $12,197,068. 63.97% of the stock is currently owned by corporate insiders.

About Asana

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.