Asana (NYSE:ASAN) Reaches New 52-Week High – Should You Buy?

Asana, Inc. (NYSE:ASAN)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $26.50 and last traded at $26.22, with a volume of 1667667 shares changing hands. The stock had previously closed at $24.15.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ASAN. DA Davidson increased their target price on shares of Asana from $13.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Bank of America reduced their price objective on shares of Asana from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. JPMorgan Chase & Co. increased their target price on Asana from $13.00 to $15.00 and gave the stock an “underweight” rating in a research report on Friday, December 6th. Oppenheimer boosted their price objective on Asana from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada restated an “underperform” rating and issued a $10.00 target price on shares of Asana in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Asana has a consensus rating of “Hold” and an average price target of $16.53.

Asana Stock Performance

The business’s fifty day simple moving average is $15.27 and its 200-day simple moving average is $13.81. The firm has a market cap of $6.02 billion, a P/E ratio of -23.50 and a beta of 1.22. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insider Activity at Asana

In related news, COO Anne Raimondi sold 29,807 shares of Asana stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $357,385.93. Following 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 document filed with the SEC, which is available through this hyperlink. Also, insider Eleanor B. Lacey sold 9,308 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $111,602.92. Following the completion of the transaction, the insider now owns 375,310 shares of the company’s stock, valued at approximately $4,499,966.90. This trade represents a 2.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,092 shares of company stock worth $527,668 in the last 90 days. Company insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ASAN. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Asana by 11.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,045 shares of the company’s stock valued at $238,000 after purchasing an additional 1,769 shares in the last quarter. Versor Investments LP grew its stake in shares of Asana by 48.3% in the second quarter. Versor Investments LP now owns 23,200 shares of the company’s stock worth $325,000 after acquiring an additional 7,557 shares during the last quarter. Rhumbline Advisers raised its position in shares of Asana by 2.2% in the 2nd quarter. Rhumbline Advisers now owns 115,958 shares of the company’s stock worth $1,622,000 after purchasing an additional 2,464 shares during the last quarter. Acorn Financial Advisory Services Inc. ADV boosted its stake in Asana by 5.0% in the 2nd quarter. Acorn Financial Advisory Services Inc. ADV now owns 81,287 shares of the company’s stock worth $1,137,000 after purchasing an additional 3,835 shares in the last quarter. Finally, Arizona State Retirement System grew its position in Asana by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 23,401 shares of the company’s stock valued at $327,000 after purchasing an additional 803 shares during the last quarter. 26.21% of the stock is currently owned by institutional investors.

Asana Company 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.