Atomi Financial Group Inc. Sells 1,076 Shares of Asana, Inc. (NYSE:ASAN)

Atomi Financial Group Inc. cut its holdings in shares of Asana, Inc. (NYSE:ASAN) by 4.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 23,357 shares of the company’s stock after selling 1,076 shares during the quarter. Atomi Financial Group Inc.’s holdings in Asana were worth $271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC purchased a new stake in Asana during the second quarter worth about $3,050,000. Point72 Asset Management L.P. bought a new stake in shares of Asana in the 2nd quarter worth approximately $17,100,000. Marshall Wace LLP purchased a new position in Asana in the second quarter valued at approximately $3,159,000. Bessemer Group Inc. grew its holdings in Asana by 27.9% during the first quarter. Bessemer Group Inc. now owns 53,345 shares of the company’s stock valued at $827,000 after purchasing an additional 11,640 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Asana by 15.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock valued at $33,891,000 after purchasing an additional 235,135 shares during the period. 26.21% of the stock is currently owned by institutional investors.

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 stock was sold at an average price of $11.79, for a total transaction of $58,678.83. Following the completion of the sale, the insider now owns 370,333 shares of the company’s stock, valued at $4,366,226.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Eleanor B. Lacey sold 4,977 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.79, for a total transaction of $58,678.83. Following the transaction, the insider now directly owns 370,333 shares of the company’s stock, valued at approximately $4,366,226.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Tim M. Wan sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $15.00, for a total value of $150,000.00. Following the completion of the sale, the chief financial officer now directly owns 1,050,284 shares of the company’s stock, valued at approximately $15,754,260. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,092 shares of company stock worth $752,668. Corporate insiders own 63.97% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ASAN shares. Citigroup cut their price target on Asana from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. UBS Group cut their target price on shares of Asana from $17.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. DA Davidson reissued a “neutral” rating and issued a $11.00 price target (down previously from $14.00) on shares of Asana in a research report on Wednesday, September 4th. Bank of America cut their price objective on shares of Asana from $18.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Finally, KeyCorp lowered their target price on shares of Asana from $12.00 to $10.00 and set an “underweight” rating on the stock in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Asana has an average rating of “Hold” and a consensus target price of $14.07.

Asana Stock Performance

Shares of ASAN opened at $11.96 on Friday. Asana, Inc. has a 12-month low of $11.05 and a 12-month high of $23.44. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14. The company has a market cap of $2.73 billion, a PE ratio of -10.40 and a beta of 1.14. The stock has a 50-day moving average price of $12.47 and a 200-day moving average price of $13.61.

Asana (NYSE:ASAN) last announced its earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.03. The business had revenue of $179.21 million during 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%. Asana’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.31) earnings per share. As a group, equities analysts forecast that Asana, Inc. will post -1.14 earnings per share for the current fiscal year.

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

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.