Eleanor B. Lacey Sells 9,308 Shares of Asana, Inc. (NYSE:ASAN) Stock

Asana, Inc. (NYSE:ASAN) insider Eleanor B. Lacey sold 9,308 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $111,602.92. Following the transaction, the insider now directly owns 375,310 shares in the company, valued at approximately $4,499,966.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Asana Price Performance

Shares of NYSE:ASAN opened at $11.69 on Thursday. The firm’s 50 day moving average is $13.17 and its two-hundred day moving average is $13.99. Asana, Inc. has a 52 week low of $11.05 and a 52 week high of $23.44. The firm has a market capitalization of $2.67 billion, a P/E ratio of -9.99 and a beta of 1.16. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14.

Asana (NYSE:ASAN) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $177.68 million. During the same quarter last year, the business earned ($0.31) earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. Analysts anticipate that Asana, Inc. will post -1.14 earnings per share for the current year.

Asana declared that its board has approved a share buyback plan on Thursday, June 20th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Bank of America cut their target price on shares of Asana from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. Robert W. Baird cut their target price on shares of Asana from $20.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. KeyCorp cut 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. Royal Bank of Canada reissued an “underperform” rating and issued a $10.00 target price on shares of Asana in a report on Wednesday, September 4th. Finally, UBS Group cut their target price on shares of Asana from $17.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $14.67.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Headlands Technologies LLC increased its stake in shares of Asana by 327.9% during the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock valued at $41,000 after acquiring an additional 2,220 shares during the period. Edmond DE Rothschild Holding S.A. increased its stake in shares of Asana by 26.2% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 3,225 shares of the company’s stock valued at $61,000 after acquiring an additional 669 shares during the period. Redwood Wealth Management Group LLC acquired a new position in shares of Asana during the second quarter valued at approximately $65,000. Daiwa Securities Group Inc. grew its position in Asana by 26.0% in 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 last quarter. Finally, Benjamin F. Edwards & Company Inc. grew its position in Asana by 139.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company’s stock worth $93,000 after buying an additional 3,885 shares during the last quarter. Institutional investors and hedge funds 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.