Redwood Wealth Management Group LLC Invests $65,000 in Asana, Inc. (NYSE:ASAN)

Redwood Wealth Management Group LLC bought a new stake in shares of Asana, Inc. (NYSE:ASAN) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 4,650 shares of the company’s stock, valued at approximately $65,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Asana in the fourth quarter valued at about $25,246,000. Champlain Investment Partners LLC raised its holdings in Asana by 26.9% in the 1st quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock valued at $62,456,000 after acquiring an additional 854,355 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Asana by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock worth $144,462,000 after acquiring an additional 490,823 shares during the period. Norges Bank acquired a new stake in shares of Asana during the 4th quarter worth approximately $7,500,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Asana by 15.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock worth $33,891,000 after purchasing an additional 235,135 shares in the last quarter. Institutional investors own 26.21% of the company’s stock.

Analyst Upgrades and Downgrades

ASAN has been the topic of a number of recent research reports. Piper Sandler decreased their price target on shares of Asana from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. HSBC raised shares of Asana from a “reduce” rating to a “hold” rating and lowered their target price for the company from $16.00 to $14.00 in a research note on Monday, June 3rd. Royal Bank of Canada restated an “underperform” rating and set a $10.00 price target on shares of Asana in a research note on Wednesday, September 4th. Citigroup decreased their price objective on Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Finally, DA Davidson reissued a “neutral” rating and issued a $11.00 target price (down from $14.00) on shares of Asana in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Asana currently has a consensus rating of “Hold” and an average target price of $14.67.

Asana Price Performance

Asana stock opened at $12.12 on Monday. Asana, Inc. has a 52 week low of $11.05 and a 52 week high of $23.44. The firm has a market cap of $2.76 billion, a P/E ratio of -10.36 and a beta of 1.16. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.63 and a current ratio of 1.63. The business’s fifty day moving average is $13.45 and its two-hundred day moving average is $14.36.

Asana (NYSE:ASAN) last issued its quarterly 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. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The business had revenue of $179.21 million for the quarter, compared to the consensus estimate of $177.68 million. During the same quarter in the prior year, the company earned ($0.31) EPS. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. Equities research analysts forecast that Asana, Inc. will post -1.14 earnings per share for the current fiscal year.

Asana announced that its Board of Directors has approved a share repurchase program on Thursday, June 20th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Asana

In other Asana news, COO Anne Raimondi sold 26,588 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $9,047,827.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Asana news, COO Anne Raimondi sold 26,588 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $11.44, for a total transaction of $304,166.72. Following the transaction, the chief operating officer now directly owns 790,894 shares in the company, valued at approximately $9,047,827.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Tim M. Wan sold 28,856 shares of Asana stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total transaction of $330,112.64. Following the sale, the chief financial officer now 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 a total of 84,443 shares of company stock valued at $1,026,976 over the last quarter. Corporate insiders own 63.97% 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.