Asana (NYSE:ASAN) Trading Down 6.3% – Here’s What Happened

Asana, Inc. (NYSE:ASAN)’s stock price traded down 6.3% during mid-day trading on Tuesday . The company traded as low as $20.35 and last traded at $20.42. 1,359,585 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 2,738,013 shares. The stock had previously closed at $21.80.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ASAN shares. DA Davidson raised their target price on Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Piper Sandler upgraded shares of Asana from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $19.00 to $27.00 in a report on Monday. 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 note on Friday, December 6th. Robert W. Baird raised their price target on shares of Asana from $13.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, KeyCorp raised shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price target on the stock in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $17.27.

Asana Stock Down 7.0 %

The stock has a fifty day simple moving average of $17.92 and a two-hundred day simple moving average of $14.67. The firm has a market cap of $4.64 billion, a PE ratio of -18.10 and a beta of 1.10. 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 27,233 shares of the company’s stock in a transaction that occurred 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 directly owns 733,855 shares in the company, valued at approximately $15,931,992.05. This represents a 3.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 63.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Asana

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Arizona State Retirement System lifted its holdings in shares of Asana by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 23,401 shares of the company’s stock worth $327,000 after acquiring an additional 803 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Asana by 26.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock worth $70,000 after purchasing an additional 1,028 shares in the last quarter. KBC Group NV increased its position in shares of Asana by 52.1% during the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after purchasing an additional 1,211 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Asana by 11.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,045 shares of the company’s stock worth $238,000 after buying an additional 1,769 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Asana by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 49,096 shares of the company’s stock worth $687,000 after buying an additional 1,888 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.