Asana (NYSE:ASAN) Shares Gap Down – What’s Next?

Asana, Inc. (NYSE:ASAN) gapped down before the market opened on Thursday . The stock had previously closed at $14.27, but opened at $13.75. Asana shares last traded at $14.10, with a volume of 370,005 shares traded.

Analysts Set New Price Targets

ASAN has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 11th. Jefferies Financial Group reduced their target price on shares of Asana from $19.00 to $15.00 and set a “hold” rating for the company in a research report on Tuesday, March 11th. Oppenheimer increased their price target on Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. JMP Securities set a $22.00 target price on Asana in a research report on Tuesday, March 11th. Finally, Robert W. Baird decreased their price target on Asana from $23.00 to $13.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Asana has an average rating of “Hold” and an average target price of $15.67.

Asana Stock Performance

The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of -12.54 and a beta of 1.13. The company has a 50 day simple moving average of $19.60 and a 200-day simple moving average of $16.83. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insider Buying and Selling at Asana

In other news, CEO Dustin A. Moskovitz purchased 225,000 shares of the stock in a transaction dated Monday, March 17th. The shares were purchased at an average cost of $14.02 per share, with a total value of $3,154,500.00. Following the completion of the acquisition, the chief executive officer now owns 48,573,436 shares in the company, valued at $680,999,572.72. This represents a 0.47 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Justin Rosenstein sold 25,000 shares of Asana stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $12.89, for a total transaction of $322,250.00. Following the sale, the director now owns 922,309 shares of the company’s stock, valued at approximately $11,888,563.01. The trade was a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 748,300 shares of company stock worth $15,483,318. Insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Quarry LP bought a new stake in shares of Asana during the 4th quarter valued at about $29,000. Bogart Wealth LLC bought a new stake in Asana in the fourth quarter worth $61,000. KBC Group NV increased its holdings in shares of Asana by 52.1% during the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after acquiring an additional 1,211 shares in the last quarter. Quest Partners LLC bought a new stake in Asana during the 3rd quarter valued at about $43,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Asana in the fourth quarter worth approximately $82,000. 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.