Headlands Technologies LLC Purchases 2,220 Shares of Asana, Inc. (NYSE:ASAN)

Headlands Technologies LLC increased its stake in shares of Asana, Inc. (NYSE:ASAN) by 327.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,897 shares of the company’s stock after purchasing an additional 2,220 shares during the period. Headlands Technologies LLC’s holdings in Asana were worth $41,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Beacon Pointe Advisors LLC raised its stake in shares of Asana by 13.0% in the fourth quarter. Beacon Pointe Advisors LLC now owns 38,276 shares of the company’s stock worth $728,000 after buying an additional 4,401 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Asana by 6.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 696,277 shares of the company’s stock worth $13,236,000 after buying an additional 43,564 shares in the last quarter. Victory Capital Management Inc. bought a new position in shares of Asana during the 4th quarter valued at approximately $197,000. Bessemer Group Inc. grew its stake in shares of Asana by 27.9% in the 1st quarter. Bessemer Group Inc. now owns 53,345 shares of the company’s stock worth $827,000 after buying an additional 11,640 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Asana by 15.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock worth $33,891,000 after purchasing an additional 235,135 shares during the period. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ASAN has been the topic of several recent research reports. Royal Bank of Canada reaffirmed an “underperform” rating and set a $10.00 target price on shares of Asana in a research report on Wednesday, September 4th. Jefferies Financial Group decreased 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. Morgan Stanley cut their price target on Asana from $19.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 20th. JPMorgan Chase & Co. decreased their price objective on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, September 4th. Finally, JMP Securities reduced their price objective on Asana from $27.00 to $21.00 and set a “market outperform” rating for the company in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Asana currently has a consensus rating of “Hold” and a consensus price target of $14.67.

Asana Stock Down 0.9 %

Asana stock opened at $12.03 on Wednesday. The company has a market capitalization of $2.74 billion, a PE ratio of -10.28 and a beta of 1.16. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.63 and a current ratio of 1.63. Asana, Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $23.44. The firm has a 50 day moving average price of $13.41 and a 200 day moving average price of $14.25.

Asana (NYSE:ASAN) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $179.21 million during the quarter, compared to analysts’ expectations of $177.68 million. During the same period in the previous year, the firm posted ($0.31) earnings per share. The company’s revenue was up 10.3% on a year-over-year basis. Research analysts expect that Asana, Inc. will post -1.14 earnings per share for the current year.

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

Insider Transactions at Asana

In related news, COO Anne Raimondi sold 26,588 shares of Asana stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $304,166.72. Following the completion of the transaction, the chief operating officer now owns 790,894 shares in the company, valued at $9,047,827.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Asana news, COO Anne Raimondi sold 26,588 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $304,166.72. Following the sale, the chief operating officer now directly owns 790,894 shares of the company’s stock, valued at approximately $9,047,827.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Eleanor B. Lacey sold 9,000 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $102,960.00. Following the completion of the transaction, the insider now owns 389,149 shares in the company, valued at approximately $4,451,864.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,443 shares of company stock valued at $1,026,976. 63.97% of the stock is currently owned by corporate insiders.

Asana 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.