Asana (NYSE:ASAN) Shares Gap Down – What’s Next?

Asana, Inc. (NYSE:ASAN) shares gapped down before the market opened on Thursday . The stock had previously closed at $14.27, but opened at $13.75. Asana shares last traded at $14.10, with a volume of 370,005 shares traded.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ASAN. JPMorgan Chase & Co. reduced their price target on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 11th. DA Davidson reduced their price target on shares of Asana from $20.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. 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. Piper Sandler reduced their target price on shares of Asana from $27.00 to $18.00 and set an “overweight” rating on the stock in a report on Tuesday, March 11th. Finally, JMP Securities set a $22.00 target price on shares of Asana in a report on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $15.67.

Asana Trading Up 3.1 %

The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The business’s fifty day simple moving average is $19.39 and its two-hundred day simple moving average is $16.81. The company has a market cap of $3.30 billion, a price-to-earnings ratio of -12.89 and a beta of 1.13.

Insider Transactions at Asana

In other news, Director Justin Rosenstein sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $12.89, for a total transaction of $322,250.00. Following the transaction, the director now directly owns 922,309 shares in the company, valued at approximately $11,888,563.01. This trade represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Dustin A. Moskovitz bought 225,000 shares of the stock in a transaction dated Monday, March 17th. The shares were acquired at an average price of $14.02 per share, for a total transaction of $3,154,500.00. Following the completion of the transaction, the chief executive officer now owns 48,573,436 shares of the company’s stock, valued at approximately $680,999,572.72. The trade was a 0.47 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 675,000 shares of company stock worth $9,285,750 and have sold 721,067 shares worth $14,892,089. Insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

Hedge funds have recently modified their holdings of the business. Quarry LP purchased a new position in shares of Asana during the fourth quarter worth approximately $29,000. KBC Group NV grew its position in 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 buying an additional 1,211 shares during the last quarter. Quest Partners LLC purchased a new position in Asana in the 3rd quarter valued at $43,000. Bogart Wealth LLC purchased a new position in Asana in the 4th quarter valued at $61,000. Finally, SBI Securities Co. Ltd. purchased a new position in Asana in the 4th quarter valued at $82,000. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

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.