Asana (NYSE:ASAN) Shares Up 4.5% Following Insider Buying Activity

Posted by on Jul 14th, 2023

Asana, Inc. (NYSE:ASAN – Get Free Report) shot up 4.5% on Thursday after an insider bought additional shares in the company. The stock traded as high as $23.86 and last traded at $23.77. 445,912 shares changed hands during trading, a decline of 85% from the average session volume of 2,947,000 shares. The stock had previously closed at $22.74.

Specifically, CFO Tim M. Wan sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $25.88, for a total transaction of $517,600.00. Following the completion of the sale, the chief financial officer now owns 801,886 shares in the company, valued at approximately $20,752,809.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Tim M. Wan sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $25.88, for a total transaction of $517,600.00. Following the transaction, the chief financial officer now owns 801,886 shares in the company, valued at approximately $20,752,809.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Eleanor B. Lacey sold 4,318 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $23.25, for a total value of $100,393.50. Following the completion of the sale, the insider now owns 242,283 shares of the company’s stock, valued at approximately $5,633,079.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 480,000 shares of company stock worth $10,732,800 and have sold 354,959 shares worth $8,816,388. 63.26% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ASAN shares. Oppenheimer increased their target price on Asana from $25.00 to $28.00 in a research note on Friday, June 2nd. JMP Securities increased their price target on shares of Asana from $28.00 to $30.00 in a report on Friday, June 2nd. DA Davidson cut shares of Asana from a “buy” rating to a “neutral” rating and set a $21.00 target price for the company. in a report on Friday, June 2nd. Finally, Citigroup boosted their price objective on shares of Asana from $24.00 to $26.00 in a research report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $22.48.

Asana Stock Up 4.4 %

The firm has a market cap of $5.15 billion, a PE ratio of -13.19 and a beta of 1.20. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a fifty day moving average price of $21.52 and a 200-day moving average price of $18.36.

Asana (NYSE:ASAN – Get Free Report) last posted its earnings results on Thursday, June 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.09. The business had revenue of $152.41 million during the quarter, compared to analyst estimates of $150.55 million. Asana had a negative return on equity of 121.25% and a negative net margin of 63.97%. The company’s revenue for the quarter was up 26.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.52) earnings per share. Research analysts expect that Asana, Inc. will post -1.33 EPS for the current year.

Hedge Funds Weigh In On Asana

Institutional investors have recently added to or reduced their stakes in the company. Two Sigma Investments LP boosted its holdings in Asana by 780.0% in the first quarter. Two Sigma Investments LP now owns 1,498,311 shares of the company’s stock valued at $31,659,000 after purchasing an additional 1,328,050 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Asana by 274.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,493,500 shares of the company’s stock valued at $31,558,000 after buying an additional 1,094,800 shares during the last quarter. Norges Bank acquired a new stake in shares of Asana during the fourth quarter worth approximately $7,873,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Asana by 1,624.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 506,183 shares of the company’s stock worth $20,232,000 after buying an additional 476,835 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in Asana by 66.0% in the second quarter. Millennium Management LLC now owns 1,127,630 shares of the company’s stock valued at $19,824,000 after acquiring an additional 448,379 shares in the last quarter. Institutional investors and hedge funds own 24.18% of the company’s stock.

About Asana

(Get Free Report)

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; and manages product launches, marketing campaigns, and organization-wide goal settings.

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