Asana, Inc. (NYSE:ASAN) Short Interest Update

Asana, Inc. (NYSE:ASAN) was the target of a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 7,190,000 shares, a drop of 37.4% from the February 28th total of 11,480,000 shares. Based on an average trading volume of 3,660,000 shares, the days-to-cover ratio is presently 2.0 days. Approximately 8.2% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

ASAN has been the topic of several research reports. KeyCorp upgraded Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 target price on the stock in a research note on Friday, December 6th. Scotiabank dropped their price objective on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, March 11th. Robert W. Baird cut their target price on shares of Asana from $23.00 to $13.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. DA Davidson lowered 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. Finally, Bank of America cut their price objective on shares of Asana from $30.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, March 11th. Two 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, Asana currently has an average rating of “Hold” and an average target price of $15.67.

Asana Price Performance

ASAN stock traded up $0.08 during midday trading on Friday, reaching $14.87. The company had a trading volume of 2,993,933 shares, compared to its average volume of 2,655,766. The firm has a 50-day moving average price of $18.97 and a 200-day moving average price of $16.94. 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 has a market capitalization of $3.46 billion, a P/E ratio of -13.27 and a beta of 1.13. Asana has a 1 year low of $11.05 and a 1 year high of $27.77.

Insider Buying and Selling

In related news, COO Anne Raimondi sold 18,775 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $14.03, for a total transaction of $263,413.25. Following the completion of the sale, the chief operating officer now owns 716,580 shares in the company, valued at approximately $10,053,617.40. This trade represents a 2.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Justin Rosenstein sold 196,067 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $21.78, for a total transaction of $4,270,339.26. Following the completion of the transaction, the director now owns 1,651,242 shares in the company, valued at approximately $35,964,050.76. The trade was a 10.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 900,000 shares of company stock worth $12,735,000 and have sold 739,842 shares worth $15,155,503. 63.97% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC lifted its stake in Asana by 8.1% during the fourth quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock worth $254,166,000 after purchasing an additional 937,726 shares during the last quarter. Voloridge Investment Management LLC increased its position in shares of Asana by 25.6% during the 4th quarter. Voloridge Investment Management LLC now owns 2,149,680 shares of the company’s stock valued at $43,574,000 after purchasing an additional 438,057 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Asana during the 4th quarter valued at about $38,966,000. Geode Capital Management LLC lifted 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 buying an additional 12,055 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in Asana by 17.6% in the fourth quarter. First Trust Advisors LP now owns 1,743,981 shares of the company’s stock worth $35,350,000 after buying an additional 261,298 shares in the last quarter. 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.