Asana (NYSE:ASAN) Shares Gap Down – Here’s What Happened

Asana, Inc. (NYSE:ASAN)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $22.37, but opened at $21.58. Asana shares last traded at $21.66, with a volume of 508,562 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. KeyCorp upgraded shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 target price for the company in a research note on Friday, December 6th. Scotiabank increased their price objective on Asana from $15.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Friday, December 6th. JMP Securities boosted their target price on Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, December 6th. Bank of America decreased their price target on Asana from $18.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Asana from $13.00 to $15.00 and gave the company an “underweight” rating in a research note on Friday, December 6th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $16.53.

Asana Stock Performance

The stock’s 50-day moving average price is $15.91 and its 200-day moving average price is $14.00. The company has a market capitalization of $4.96 billion, a price-to-earnings ratio of -19.36 and a beta of 1.22. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49.

Insider Buying and Selling

In other Asana news, insider Eleanor B. Lacey sold 4,977 shares of Asana stock in a transaction dated Monday, September 23rd. The shares were 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 owns 370,333 shares in the company, valued at approximately $4,366,226.07. The trade was a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 63.97% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its holdings in Asana by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock valued at $21,605,000 after buying an additional 12,055 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Asana in the second quarter valued at $17,100,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Asana during the second quarter valued at $5,169,000. Holocene Advisors LP increased its position in Asana by 62.2% during the 3rd quarter. Holocene Advisors LP now owns 305,167 shares of the company’s stock worth $3,537,000 after purchasing an additional 116,998 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in Asana during the 2nd quarter worth about $3,159,000. 26.21% of the stock is owned by hedge funds and other institutional investors.

Asana Company Profile

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.