Asana, Inc. (NYSE:ASAN) Sees Large Increase in Short Interest

Asana, Inc. (NYSE:ASAN) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totalling 13,510,000 shares, a growth of 7.4% from the May 31st total of 12,580,000 shares. Currently, 16.6% of the shares of the stock are sold short. Based on an average daily volume of 2,080,000 shares, the days-to-cover ratio is currently 6.5 days.

Asana Price Performance

ASAN stock opened at $13.46 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.71 and a quick ratio of 1.71. The firm has a market capitalization of $3.07 billion, a P/E ratio of -11.50 and a beta of 1.16. The business’s 50-day moving average is $14.09 and its two-hundred day moving average is $16.26. Asana has a 1 year low of $11.29 and a 1 year high of $24.81.

Asana (NYSE:ASAN) last posted its quarterly earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. The company had revenue of $172.45 million for the quarter, compared to analyst estimates of $168.53 million. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. Analysts anticipate that Asana will post -1.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Asana news, COO Anne Raimondi sold 26,588 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $304,166.72. Following the completion of the sale, the chief operating officer now directly owns 790,894 shares in the company, valued at approximately $9,047,827.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Tim M. Wan sold 10,000 shares of the stock in a transaction on Friday, April 26th. The stock was sold at an average price of $15.00, for a total transaction of $150,000.00. Following the completion of the transaction, the chief financial officer now directly owns 753,888 shares in the company, valued at approximately $11,308,320. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Anne Raimondi sold 26,588 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 $304,166.72. Following the transaction, the chief operating officer now owns 790,894 shares of the company’s stock, valued at $9,047,827.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,443 shares of company stock worth $1,101,976. 63.97% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Motley Fool Asset Management LLC acquired a new position in Asana during the first quarter worth $217,000. Bayesian Capital Management LP acquired a new position in Asana during the first quarter worth $546,000. Price T Rowe Associates Inc. MD grew its holdings in Asana by 6.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,368 shares of the company’s stock worth $827,000 after acquiring an additional 3,033 shares during the period. Bessemer Group Inc. grew its holdings in Asana by 27.9% during the first quarter. Bessemer Group Inc. now owns 53,345 shares of the company’s stock worth $827,000 after acquiring an additional 11,640 shares during the period. Finally, Champlain Investment Partners LLC grew its holdings in Asana by 26.9% during the first quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock worth $62,456,000 after acquiring an additional 854,355 shares during the period. Institutional investors and hedge funds own 26.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. HSBC upgraded Asana from a “reduce” rating to a “hold” rating and lowered their price target for the stock from $16.00 to $14.00 in a report on Monday, June 3rd. Jefferies Financial Group lowered 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. Oppenheimer decreased their target price on Asana from $28.00 to $23.00 and set an “outperform” rating on the stock in a research note on Friday, May 31st. JMP Securities reissued a “market outperform” rating and set a $27.00 target price on shares of Asana in a research note on Friday, May 31st. Finally, Piper Sandler raised Asana from an “underweight” rating to a “neutral” rating and decreased their target price for the stock from $18.00 to $16.00 in a research note on Friday, May 31st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $18.33.

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.