Short Interest in Asana, Inc. (NYSE:ASAN) Grows By 40.7%

Asana, Inc. (NYSE:ASAN) was the recipient of a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 10,300,000 shares, a growth of 40.7% from the November 30th total of 7,320,000 shares. Currently, 12.5% of the shares of the company are short sold. Based on an average trading volume of 2,960,000 shares, the days-to-cover ratio is currently 3.5 days.

Asana Price Performance

Shares of NYSE ASAN traded down $0.96 during mid-day trading on Monday, hitting $20.63. 2,610,468 shares of the company’s stock traded hands, compared to its average volume of 2,327,970. The company has a market capitalization of $4.72 billion, a P/E ratio of -18.42 and a beta of 1.22. Asana has a 1 year low of $11.05 and a 1 year high of $27.77. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The company’s 50-day moving average is $16.89 and its two-hundred day moving average is $14.30.

Insider Transactions at Asana

In other Asana news, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $21.71, for a total transaction of $591,228.43. Following the completion of the sale, the chief operating officer now directly owns 733,855 shares in the company, valued at $15,931,992.05. The trade was a 3.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in Asana by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock worth $21,605,000 after purchasing an additional 12,055 shares during the period. Point72 Asset Management L.P. bought a new position in Asana in the 2nd quarter valued at $17,100,000. JPMorgan Chase & Co. increased its stake in Asana by 105.6% in 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. Cubist Systematic Strategies LLC bought a new stake in shares of Asana during the second quarter worth $5,169,000. Finally, Holocene Advisors LP boosted its stake in shares of Asana by 62.2% during the third quarter. Holocene Advisors LP now owns 305,167 shares of the company’s stock valued at $3,537,000 after purchasing an additional 116,998 shares during the period. Institutional investors own 26.21% of the company’s stock.

Analyst Upgrades and Downgrades

ASAN has been the subject of several recent research reports. Morgan Stanley boosted their target price on shares of Asana from $14.00 to $18.00 and gave the company an “equal weight” rating in a research report on Friday, December 6th. Bank of America reduced their price objective on Asana from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Scotiabank boosted their price objective on Asana from $15.00 to $18.00 and gave the company a “sector perform” rating in a research note on Friday, December 6th. Piper Sandler upped their price target on shares of Asana from $12.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Asana from $13.00 to $15.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $16.53.

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.