Arrowstreet Capital Limited Partnership Purchases New Position in Asana, Inc. (NYSE:ASAN)

Arrowstreet Capital Limited Partnership acquired a new position in shares of Asana, Inc. (NYSE:ASAN) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,922,364 shares of the company’s stock, valued at approximately $38,966,000. Arrowstreet Capital Limited Partnership owned about 0.84% of Asana as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ASAN. Geode Capital Management LLC grew its stake in shares of Asana by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock valued at $21,605,000 after acquiring an additional 12,055 shares in the last quarter. Paradice Investment Management LLC acquired a new position in shares of Asana during the 4th quarter worth approximately $22,507,000. JPMorgan Chase & Co. increased its holdings 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 during the period. Bank of New York Mellon Corp raised its position in shares of Asana by 1.5% in the fourth quarter. Bank of New York Mellon Corp now owns 805,649 shares of the company’s stock valued at $16,331,000 after buying an additional 11,896 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Asana by 7.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 694,792 shares of the company’s stock valued at $14,083,000 after buying an additional 48,831 shares during the period. Institutional investors and hedge funds own 26.21% of the company’s stock.

Insider Activity at Asana

In other Asana news, CEO Dustin A. Moskovitz purchased 225,000 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were bought at an average price of $12.91 per share, for a total transaction of $2,904,750.00. Following the completion of the acquisition, the chief executive officer now owns 48,123,436 shares in the company, valued at approximately $621,273,558.76. This trade represents a 0.47 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Anne Raimondi sold 18,775 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $14.03, for a total transaction of $263,413.25. Following the completion of the sale, the chief operating officer now directly owns 716,580 shares in the company, valued at approximately $10,053,617.40. This represents a 2.55 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders acquired 1,349,507 shares of company stock worth $19,281,993 and sold 739,842 shares worth $15,155,503. 63.97% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $10.00 price objective on shares of Asana in a report on Friday, December 6th. DA Davidson cut their price objective on shares of Asana from $20.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. KeyCorp raised shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 target price on the stock in a report on Friday, December 6th. Jefferies Financial Group cut their price target on shares of Asana from $19.00 to $15.00 and set a “hold” rating for the company in a report on Tuesday, March 11th. Finally, Piper Sandler decreased their price objective on shares of Asana from $27.00 to $18.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 11th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $15.67.

Asana Price Performance

Asana stock opened at $16.09 on Thursday. The company has a market capitalization of $3.75 billion, a PE ratio of -14.37 and a beta of 1.13. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average price of $18.69 and a two-hundred day moving average price of $17.02. Asana, Inc. has a 12 month low of $11.05 and a 12 month high of $27.77.

Asana 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.