Asana (NYSE:ASAN) Sees Strong Trading Volume

Asana, Inc. (NYSE:ASAN) saw unusually-high trading volume on Friday . Approximately 1,217,641 shares were traded during mid-day trading, a decline of 41% from the previous session’s volume of 2,051,136 shares.The stock last traded at $12.21 and had previously closed at $12.58.

Analysts Set New Price Targets

ASAN has been the subject of several research analyst reports. Oppenheimer decreased their price target on shares of Asana from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday. Piper Sandler lowered their target price on Asana from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday. Citigroup lowered their price objective on Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday. Morgan Stanley reduced their target price on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 20th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $14.67.

Asana Stock Down 4.0 %

The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.13. The stock has a market cap of $2.76 billion, a P/E ratio of -10.15 and a beta of 1.16. The stock’s fifty day moving average price is $13.69 and its 200 day moving average price is $14.70.

Asana (NYSE:ASAN) last issued its earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, topping 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 return on equity of 77.48% and a negative net margin of 38.55%. Asana’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.31) earnings per share. As a group, research analysts forecast that Asana, Inc. will post -1.05 earnings per share for the current fiscal year.

Insider Activity at Asana

In related news, COO Anne Raimondi sold 26,588 shares of Asana stock in a transaction 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 transaction, the chief operating officer now directly owns 790,894 shares of the company’s stock, valued at $9,047,827.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, COO Anne Raimondi sold 26,588 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $304,166.72. Following the transaction, the chief operating officer now owns 790,894 shares in the company, valued at approximately $9,047,827.36. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Tim M. Wan sold 28,856 shares of the company’s 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 $330,112.64. Following the transaction, the chief financial officer now directly owns 1,050,284 shares of the company’s stock, valued at approximately $12,015,248.96. The disclosure for this sale can be found here. Insiders sold 84,443 shares of company stock worth $1,026,976 in the last ninety days. 63.97% of the stock is owned by company insiders.

Institutional Trading of Asana

Large investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC boosted its stake in shares of Asana by 327.9% during 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 in the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in Asana by 26.2% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 3,225 shares of the company’s stock worth $61,000 after buying an additional 669 shares during the period. Redwood Wealth Management Group LLC bought a new stake in Asana during the 2nd quarter valued at approximately $65,000. Daiwa Securities Group Inc. grew its holdings in shares of Asana by 26.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock worth $70,000 after acquiring an additional 1,028 shares during the period. Finally, Benjamin F. Edwards & Company Inc. grew its holdings in shares of Asana by 139.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company’s stock worth $93,000 after acquiring an additional 3,885 shares during the period. Institutional investors own 26.21% of the company’s stock.

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.