Insider Selling: Asana, Inc. (NYSE:ASAN) COO Sells 26,588 Shares of Stock

Asana, Inc. (NYSE:ASAN) COO Anne Raimondi sold 26,588 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $304,166.72. Following the completion of the sale, the chief operating officer now owns 790,894 shares in the company, valued at $9,047,827.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Asana Price Performance

Shares of ASAN opened at $12.52 on Tuesday. The company has a 50 day moving average price of $14.20 and a 200-day moving average price of $16.58. Asana, Inc. has a fifty-two week low of $11.29 and a fifty-two week high of $24.81. The stock has a market capitalization of $2.86 billion, a PE ratio of -10.70 and a beta of 1.15. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.71 and a current ratio of 1.71.

Asana (NYSE:ASAN) last announced its quarterly earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.02. Asana had a negative net margin of 38.55% and a negative return on equity of 77.48%. The firm had revenue of $172.45 million during the quarter, compared to analysts’ expectations of $168.53 million. Equities analysts predict that Asana, Inc. will post -1.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Asana

Hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale purchased a new stake in Asana during the third quarter valued at approximately $27,000. Edmond DE Rothschild Holding S.A. lifted its position 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 valued at $61,000 after acquiring an additional 669 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Asana during the fourth quarter valued at approximately $147,000. Retirement Planning Co of New England Inc. purchased a new stake in Asana during the first quarter valued at approximately $164,000. Finally, Principal Financial Group Inc. purchased a new stake in Asana during the first quarter valued at approximately $173,000. Hedge funds and other institutional investors own 26.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ASAN. Oppenheimer cut their price target on shares of Asana from $28.00 to $23.00 and set an “outperform” rating on the stock in a report on Friday, May 31st. KeyCorp cut their price target on shares of Asana from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Friday, May 31st. Piper Sandler upgraded shares of Asana from an “underweight” rating to a “neutral” rating and cut their price target for the company from $18.00 to $16.00 in a report on Friday, May 31st. JMP Securities reiterated a “market outperform” rating and set a $27.00 price target on shares of Asana in a report on Friday, May 31st. Finally, Jefferies Financial Group cut their price target on shares of Asana from $17.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, May 31st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $18.75.

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.