Asana (NYSE:ASAN) Sees Strong Trading Volume

Asana, Inc. (NYSE:ASAN) saw unusually-high trading volume on Friday . Approximately 1,217,641 shares were traded during trading, a decline of 41% from the previous session’s volume of 2,051,136 shares.The stock last traded at $12.21 and had previously closed at $12.58.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ASAN. Piper Sandler decreased their target price on Asana from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday. HSBC raised shares of Asana from a “reduce” rating to a “hold” rating and lowered their price objective for the stock from $16.00 to $14.00 in a research note on Monday, June 3rd. Morgan Stanley cut their target price on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 20th. Citigroup reduced their price target on shares of Asana from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Bank of America dropped their price objective on shares of Asana from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $14.67.

Asana Trading Down 6.4 %

The company has a 50 day moving average of $13.64 and a two-hundred day moving average of $14.62. The stock has a market capitalization of $2.69 billion, a PE ratio of -10.07 and a beta of 1.16. 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 issued its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $179.21 million for the quarter, compared to analyst estimates of $177.68 million. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. The company’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.31) earnings per share. Sell-side analysts predict that Asana, Inc. will post -1.05 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Tim M. Wan sold 5,000 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $15.00, for a total transaction of $75,000.00. Following the sale, the chief financial officer now directly owns 1,063,909 shares of the company’s stock, valued at $15,958,635. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Tim M. Wan sold 28,856 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $330,112.64. Following the sale, the chief financial officer now directly owns 1,050,284 shares of the company’s stock, valued at approximately $12,015,248.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Tim M. Wan sold 5,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $15.00, for a total transaction of $75,000.00. Following the transaction, the chief financial officer now directly owns 1,063,909 shares of the company’s stock, valued at approximately $15,958,635. The disclosure for this sale can be found here. Over the last quarter, insiders sold 84,443 shares of company stock valued at $1,026,976. Insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

A number of institutional investors have recently modified their holdings of ASAN. Edmond DE Rothschild Holding S.A. grew its holdings 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 worth $61,000 after acquiring an additional 669 shares during the period. Arizona State Retirement System grew its stake in shares of Asana by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 23,401 shares of the company’s stock worth $327,000 after purchasing an additional 803 shares during the period. Kingsview Wealth Management LLC grew its stake in shares of Asana by 4.2% during the 4th quarter. Kingsview Wealth Management LLC now owns 20,319 shares of the company’s stock worth $386,000 after purchasing an additional 828 shares during the period. Diversified Trust Co increased its holdings in shares of Asana by 2.6% during the 2nd quarter. Diversified Trust Co now owns 34,985 shares of the company’s stock valued at $489,000 after purchasing an additional 900 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in shares of 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 purchasing an additional 1,028 shares during the period. Hedge funds and other 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.