Asana (NYSE:ASAN) Shares Gap Up – Here’s Why

Asana, Inc. (NYSE:ASAN) shares gapped up prior to trading on Friday . The stock had previously closed at $21.35, but opened at $22.37. Asana shares last traded at $22.29, with a volume of 645,124 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ASAN. DA Davidson lifted their price objective on shares of Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, December 6th. 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. Citigroup lifted their price objective on shares of Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Royal Bank of Canada reiterated an “underperform” rating and set a $10.00 price objective on shares of Asana in a report on Friday, December 6th. Finally, Jefferies Financial Group boosted their price target on shares of Asana from $16.00 to $19.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $17.73.

Asana Trading Up 2.8 %

The firm has a market capitalization of $5.02 billion, a P/E ratio of -19.61 and a beta of 1.10. The firm has a 50-day moving average of $20.24 and a 200-day moving average of $15.49. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49.

Insider Transactions at Asana

In other news, Director Justin Rosenstein sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $21.67, for a total value of $4,334,000.00. Following the completion of the transaction, the director now owns 1,847,309 shares in the company, valued at $40,031,186.03. This trade represents a 9.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Anne Raimondi sold 27,233 shares of Asana stock in a transaction on Friday, December 20th. The shares were sold at an average price of $21.71, for a total value of $591,228.43. Following the transaction, the chief operating officer now owns 733,855 shares of the company’s stock, valued at $15,931,992.05. The trade was a 3.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 377,233 shares of company stock worth $7,926,728. 63.97% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ASAN. KBC Group NV increased its holdings in shares of Asana by 52.1% in the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock worth $41,000 after purchasing an additional 1,211 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Asana by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 49,096 shares of the company’s stock valued at $687,000 after acquiring an additional 1,888 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Asana by 16.1% in the third quarter. Harbor Capital Advisors Inc. now owns 16,974 shares of the company’s stock valued at $197,000 after acquiring an additional 2,350 shares in the last quarter. Bogart Wealth LLC purchased a new position in shares of Asana in the fourth quarter valued at about $61,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Asana by 20.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,481 shares of the company’s stock valued at $237,000 after acquiring an additional 3,436 shares in the last quarter. Hedge funds and other institutional investors own 26.21% of the company’s stock.

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.