Washington Capital Management Inc. Trims Stake in Asana, Inc. (NYSE:ASAN)

Washington Capital Management Inc. lessened its holdings in Asana, Inc. (NYSE:ASAN) by 67.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,500 shares of the company’s stock after selling 22,000 shares during the period. Washington Capital Management Inc.’s holdings in Asana were worth $213,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. KBC Group NV raised its holdings in shares of Asana by 52.1% in the 3rd 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 purchased a new stake in Asana in the third quarter valued at approximately $43,000. MQS Management LLC bought a new stake in Asana during the third quarter valued at approximately $141,000. Paloma Partners Management Co purchased a new position in Asana in the 3rd quarter worth approximately $143,000. Finally, Scientech Research LLC bought a new position in shares of Asana in the 2nd quarter worth $146,000. Institutional investors own 26.21% of the company’s stock.

Insiders Place Their Bets

In other Asana news, Director Justin Rosenstein sold 150,000 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $20.01, for a total value of $3,001,500.00. Following the sale, the director now owns 2,047,309 shares in the company, valued at approximately $40,966,653.09. This represents a 6.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Anne Raimondi sold 27,233 shares of the firm’s stock in a transaction 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 owns 733,855 shares of the company’s stock, valued at $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 63.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ASAN. Piper Sandler upgraded shares of Asana from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $19.00 to $27.00 in a research report on Monday, January 6th. JMP Securities raised their price objective on Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, December 6th. Citigroup upped their target price on Asana from $16.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. DA Davidson boosted their price objective on shares of Asana from $13.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, KeyCorp raised shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 target price on the stock in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $17.73.

Asana Price Performance

ASAN opened at $21.77 on Thursday. The stock’s 50 day moving average price is $19.95 and its 200-day moving average price is $15.40. Asana, Inc. has a 52-week low of $11.05 and a 52-week high of $27.77. The stock has a market capitalization of $4.98 billion, a PE ratio of -19.43 and a beta of 1.10. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49.

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.