Asana, Inc. (NYSE:ASAN) COO Anne Raimondi Sells 29,807 Shares

Asana, Inc. (NYSE:ASAN) COO Anne Raimondi sold 29,807 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $357,385.93. Following the sale, the chief operating officer now owns 761,088 shares of the company’s stock, valued at approximately $9,125,445.12. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Asana Stock Performance

Shares of NYSE:ASAN remained flat at $11.89 on Tuesday. 2,253,840 shares of the stock traded hands, compared to its average volume of 2,086,486. The company has a fifty day moving average of $13.29 and a 200 day moving average of $14.05. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.14. Asana, Inc. has a 52 week low of $11.05 and a 52 week high of $23.44. The company has a market cap of $2.71 billion, a P/E ratio of -10.13 and a beta of 1.16.

Asana (NYSE:ASAN) last released its quarterly 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 firm had revenue of $179.21 million for the quarter, compared to analyst estimates of $177.68 million. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.31) earnings per share. As a group, sell-side analysts predict that Asana, Inc. will post -1.14 EPS for the current year.

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ASAN shares. Royal Bank of Canada reissued an “underperform” rating and set a $10.00 target price on shares of Asana in a research report on Wednesday, September 4th. Piper Sandler reduced their price target on shares of Asana from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Robert W. Baird dropped their price objective on shares of Asana from $20.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Citigroup reduced their target price on shares of Asana from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, DA Davidson reissued a “neutral” rating and set a $11.00 target price (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. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.67.

Hedge Funds Weigh In On Asana

Several institutional investors have recently bought and sold shares of the business. Headlands Technologies LLC raised its stake in shares of Asana by 327.9% in the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after acquiring an additional 2,220 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its position in Asana by 26.2% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 3,225 shares of the company’s stock worth $61,000 after purchasing an additional 669 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new position in Asana during the 2nd quarter worth $65,000. Daiwa Securities Group Inc. boosted its position in Asana by 26.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after buying an additional 1,028 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in Asana by 139.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company’s stock valued at $93,000 after buying an additional 3,885 shares during the last quarter. Institutional investors own 26.21% of the company’s stock.

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.