Asana (NYSE:ASAN) Trading 12.4% Higher – Here’s What Happened

Asana, Inc. (NYSE:ASAN)’s share price rose 12.4% on Monday . The stock traded as high as $21.31 and last traded at $22.08. Approximately 1,017,883 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 2,668,694 shares. The stock had previously closed at $19.65.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ASAN shares. Robert W. Baird lifted their price target on Asana from $13.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. JMP Securities raised their price objective on shares of Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday, December 6th. Piper Sandler raised Asana from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $19.00 to $27.00 in a research report on Monday, January 6th. Jefferies Financial Group raised their target price on Asana from $16.00 to $19.00 and gave the company a “hold” rating in a report on Monday, January 6th. Finally, Royal Bank of Canada reiterated an “underperform” rating and issued a $10.00 price objective on shares of Asana in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $17.73.

Asana Stock Up 7.7 %

The stock has a market capitalization of $4.84 billion, a price-to-earnings ratio of -18.95 and a beta of 1.10. The firm has a 50-day moving average of $19.66 and a 200 day moving average of $15.30. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insiders Place Their Bets

In other Asana news, COO Anne Raimondi sold 27,233 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $21.71, for a total transaction of $591,228.43. Following the transaction, the chief operating officer now owns 733,855 shares of the company’s stock, valued at $15,931,992.05. This trade represents a 3.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 63.97% of the stock is currently owned by company insiders.

Institutional Trading of Asana

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its stake in Asana by 105.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock valued at $9,650,000 after acquiring an additional 427,576 shares in the last quarter. XTX Topco Ltd acquired a new stake in Asana in the third quarter worth about $538,000. Susquehanna Fundamental Investments LLC bought a new position in Asana in the 2nd quarter valued at about $3,050,000. Neo Ivy Capital Management raised its position in shares of Asana by 195.1% during the 3rd quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock worth $1,964,000 after buying an additional 112,038 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Asana during the second quarter worth approximately $17,100,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

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.