Asana, Inc. (NYSE:ASAN) Short Interest Update

Asana, Inc. (NYSE:ASAN) was the target of a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 12,280,000 shares, a growth of 19.2% from the December 31st total of 10,300,000 shares. Based on an average daily volume of 3,180,000 shares, the short-interest ratio is currently 3.9 days. Currently, 14.8% of the shares of the stock are short sold.

Insider Buying and Selling at Asana

In other news, COO Anne Raimondi sold 27,233 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the sale, the chief operating officer now directly owns 733,855 shares in the company, valued at approximately $15,931,992.05. This represents a 3.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justin Rosenstein sold 150,000 shares of Asana stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $20.01, for a total value of $3,001,500.00. Following the completion of the transaction, the director now owns 2,047,309 shares of the company’s stock, valued at approximately $40,966,653.09. This represents a 6.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 377,233 shares of company stock valued at $7,926,728 in the last 90 days. Insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

Several institutional investors have recently made changes to their positions in the company. Paradice Investment Management LLC acquired a new position in Asana in the 4th quarter worth about $22,507,000. JPMorgan Chase & Co. increased its position in shares of Asana by 105.6% during the third quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock worth $9,650,000 after purchasing an additional 427,576 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Asana in the second quarter valued at about $3,159,000. Holocene Advisors LP boosted its position in Asana by 62.2% during the third quarter. Holocene Advisors LP now owns 305,167 shares of the company’s stock worth $3,537,000 after acquiring an additional 116,998 shares during the last quarter. Finally, Neo Ivy Capital Management grew its stake in Asana by 195.1% during the 3rd quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock valued at $1,964,000 after acquiring an additional 112,038 shares in the last quarter. 26.21% of the stock is owned by hedge funds and other institutional investors.

Asana Stock Performance

Asana stock traded down $0.02 during midday trading on Friday, hitting $21.33. 4,659,814 shares of the company were exchanged, compared to its average volume of 2,867,435. Asana has a fifty-two week low of $11.05 and a fifty-two week high of $27.77. The firm has a market capitalization of $4.88 billion, a PE ratio of -19.04 and a beta of 1.10. The business has a fifty day simple moving average of $20.35 and a two-hundred day simple moving average of $15.54. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49.

Analysts Set New Price Targets

Several research firms recently weighed in on ASAN. Morgan Stanley increased their price target on Asana from $14.00 to $18.00 and gave the company an “equal weight” rating in a report on Friday, December 6th. Piper Sandler raised shares of Asana from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $19.00 to $27.00 in a research note on Monday, January 6th. Citigroup increased their price target on Asana from $16.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Robert W. Baird lifted their price objective on shares of Asana from $13.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, DA Davidson lifted their target price on Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $17.73.

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.