Marshall Wace LLP Purchases New Position in Asana, Inc. (NYSE:ASAN)

Marshall Wace LLP purchased a new position in Asana, Inc. (NYSE:ASAN) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 225,791 shares of the company’s stock, valued at approximately $3,159,000.

Several other large investors also recently added to or reduced their stakes in the stock. Headlands Technologies LLC lifted its stake in shares of Asana by 327.9% in the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock valued at $41,000 after purchasing an additional 2,220 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in Asana in the second quarter worth $65,000. Daiwa Securities Group Inc. boosted its stake in Asana by 26.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock worth $70,000 after buying an additional 1,028 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in 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 acquiring an additional 3,885 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. bought a new position in Asana during the first quarter valued at $164,000. 26.21% of the stock is owned by institutional investors.

Asana Stock Up 1.5 %

Shares of Asana stock opened at $11.34 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of -9.69 and a beta of 1.15. The firm’s 50-day moving average is $12.89 and its two-hundred day moving average is $13.81. Asana, Inc. has a 1 year low of $11.05 and a 1 year high of $23.44.

Asana (NYSE:ASAN) last released its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The firm had revenue of $179.21 million for the quarter, compared to the consensus estimate of $177.68 million. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period last year, the firm earned ($0.31) earnings per share. As a group, research analysts expect that Asana, Inc. will post -1.14 earnings per share for the current fiscal year.

Asana announced that its board 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 purchase up to 5.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

ASAN has been the subject of a number of recent analyst reports. JMP Securities dropped their price target on shares of Asana from $27.00 to $21.00 and set a “market outperform” rating for the company in a research note on Wednesday, September 4th. JPMorgan Chase & Co. cut their target price on Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, September 4th. 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 research note on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $10.00 price objective on shares of Asana in a research report on Wednesday, September 4th. Finally, Robert W. Baird decreased their target price on Asana from $20.00 to $13.00 and set a “neutral” 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 given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $14.67.

Insider Activity

In related news, CFO Tim M. Wan sold 10,000 shares of the company’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Tim M. Wan sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were 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 owns 1,050,284 shares of the company’s stock, valued at $15,754,260. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Tim M. Wan sold 5,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 1,063,909 shares of the company’s stock, valued at $15,958,635. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,092 shares of company stock worth $752,668. 63.97% of the stock is currently owned by company insiders.

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.