AlTi Global Inc. Sells 16,286 Shares of Asana, Inc. (NYSE:ASAN)

AlTi Global Inc. decreased its position in shares of Asana, Inc. (NYSE:ASAN) by 45.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 19,580 shares of the company’s stock after selling 16,286 shares during the quarter. AlTi Global Inc.’s holdings in Asana were worth $274,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Headlands Technologies LLC boosted its holdings 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 period. Edmond DE Rothschild Holding S.A. boosted its stake 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 period. Redwood Wealth Management Group LLC purchased a new position in Asana during the 2nd quarter valued at about $65,000. Daiwa Securities Group Inc. increased its position in shares of Asana by 26.0% during the second 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 period. Finally, Benjamin F. Edwards & Company Inc. increased its position in shares of Asana by 139.3% during the second 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 period. 26.21% of the stock is currently owned by institutional investors.

Asana Stock Up 0.2 %

Shares of NYSE ASAN opened at $11.72 on Friday. The stock has a market capitalization of $2.67 billion, a P/E ratio of -10.02 and a beta of 1.16. Asana, Inc. has a one year low of $11.05 and a one year high of $23.44. The firm’s 50 day simple moving average is $13.12 and its two-hundred day simple moving average is $13.97. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63.

Asana (NYSE:ASAN) last released its earnings results on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. The company 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 firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.31) EPS. As a group, analysts expect that Asana, Inc. will post -1.14 EPS for the current fiscal year.

Asana announced that its board has authorized a stock repurchase program on Thursday, June 20th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Asana

In related news, insider Eleanor B. Lacey sold 9,308 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $111,602.92. Following the transaction, the insider now directly owns 375,310 shares in the company, valued at approximately $4,499,966.90. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Eleanor B. Lacey sold 9,308 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $11.99, for a total transaction of $111,602.92. Following the completion of the sale, the insider now directly owns 375,310 shares in the company, valued at approximately $4,499,966.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Tim M. Wan sold 10,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $15.00, for a total transaction of $150,000.00. Following the completion of the sale, the chief financial officer now directly owns 1,050,284 shares in the company, valued at approximately $15,754,260. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,092 shares of company stock worth $752,668. Company insiders own 63.97% of the company’s stock.

Analyst Upgrades and Downgrades

ASAN has been the subject of several recent analyst reports. Bank of America reduced their price objective on shares of Asana from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Oppenheimer decreased their price target on shares of Asana from $23.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. JPMorgan Chase & Co. dropped their price objective on Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, September 4th. Robert W. Baird decreased their target price on Asana from $20.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Finally, JMP Securities dropped their price target on Asana from $27.00 to $21.00 and set a “market outperform” rating for the company in a research report on Wednesday, September 4th. Three 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.com, Asana has a consensus rating of “Hold” and an average target price of $14.67.

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.