Asana (NYSE:ASAN) Stock Price Up 6.8% – Here’s What Happened

Asana, Inc. (NYSE:ASAN)’s share price rose 6.8% during mid-day trading on Wednesday . The company traded as high as $25.04 and last traded at $25.01. Approximately 3,346,540 shares traded hands during trading, an increase of 54% from the average daily volume of 2,175,881 shares. The stock had previously closed at $23.42.

Wall Street Analysts Forecast Growth

ASAN has been the topic of a number of analyst reports. Bank of America decreased their price target on Asana from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. JMP Securities increased their target price on shares of Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, December 6th. Morgan Stanley boosted their price target on Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Friday, December 6th. DA Davidson boosted their target price on Asana from $13.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Oppenheimer lifted their price target on Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $16.53.

Asana Price Performance

The company’s 50-day moving average is $14.40 and its 200-day moving average is $13.55. The firm has a market capitalization of $5.51 billion, a price-to-earnings ratio of -21.41 and a beta of 1.22. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49.

Insider Transactions at Asana

In other Asana news, COO Anne Raimondi sold 29,807 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total transaction of $357,385.93. Following the completion of the sale, the chief operating officer now directly owns 761,088 shares in the company, valued at $9,125,445.12. The trade was a 3.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eleanor B. Lacey sold 4,977 shares of Asana stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.79, for a total transaction of $58,678.83. Following the transaction, the insider now owns 370,333 shares in the company, valued at $4,366,226.07. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,092 shares of company stock worth $527,668 in the last ninety days. Insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

Several hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in Asana by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock valued at $21,605,000 after purchasing an additional 12,055 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Asana during the 2nd quarter valued at approximately $17,100,000. Cubist Systematic Strategies LLC bought a new stake in shares of Asana in the second quarter worth $5,169,000. Holocene Advisors LP raised its holdings in Asana by 62.2% in the third quarter. Holocene Advisors LP now owns 305,167 shares of the company’s stock valued at $3,537,000 after acquiring an additional 116,998 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Asana during the 2nd quarter valued at $3,159,000. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

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.