Asana, Inc. (NYSE:ASAN) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its stake in Asana, Inc. (NYSE:ASAN) by 4.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,096 shares of the company’s stock after purchasing an additional 1,888 shares during the period. The Manufacturers Life Insurance Company’s holdings in Asana were worth $687,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Champlain Investment Partners LLC grew its stake in Asana by 26.9% during the 1st quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock valued at $62,456,000 after purchasing an additional 854,355 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Asana by 5.6% during the first quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock valued at $144,462,000 after buying an additional 490,823 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Asana during the second quarter valued at $5,169,000. Goldman Sachs Group Inc. grew its stake in Asana by 15.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock valued at $33,891,000 after purchasing an additional 235,135 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Asana in the second quarter worth about $3,159,000. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Asana news, insider Eleanor B. Lacey sold 4,977 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.79, for a total value of $58,678.83. Following the sale, the insider now owns 370,333 shares in the company, valued at $4,366,226.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Eleanor B. Lacey sold 4,977 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 370,333 shares of the company’s stock, valued at $4,366,226.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eleanor B. Lacey sold 9,308 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $111,602.92. Following the completion of the sale, the insider now owns 375,310 shares of the company’s stock, valued at approximately $4,499,966.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,092 shares of company stock valued at $752,668 over the last three months. Company insiders own 63.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. DA Davidson restated a “neutral” rating and set a $11.00 price target (down from $14.00) on shares of Asana in a research report on Wednesday, September 4th. Piper Sandler decreased their price objective on shares of Asana from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Robert W. Baird reduced their price objective on shares of Asana from $20.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Bank of America dropped their target price on shares of Asana from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. Finally, JMP Securities lowered their target price on shares of Asana from $27.00 to $21.00 and set a “market outperform” rating on the stock in a report on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $14.07.

Asana Trading Up 2.0 %

Shares of ASAN stock opened at $12.21 on Tuesday. Asana, Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $23.44. The stock has a market cap of $2.78 billion, a P/E ratio of -10.43 and a beta of 1.14. The business has a fifty day simple moving average of $12.46 and a 200-day simple moving average of $13.57. 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 (NYSE:ASAN) last issued its earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. Asana had a negative return on equity of 81.88% and a negative net margin of 37.73%. The firm had revenue of $179.21 million for the quarter, compared to analyst estimates of $177.68 million. During the same period last year, the company earned ($0.31) earnings per share. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, analysts forecast that Asana, Inc. will post -1.14 earnings per share for the current fiscal year.

Asana announced that its board has initiated a stock buyback program on Thursday, June 20th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 5.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.