Asana (NYSE:ASAN) Stock Price Down 4.3% – Here’s What Happened

Asana, Inc. (NYSE:ASAN)’s stock price traded down 4.3% during mid-day trading on Thursday . The company traded as low as $22.47 and last traded at $22.63. 1,913,544 shares traded hands during trading, a decline of 15% from the average session volume of 2,262,676 shares. The stock had previously closed at $23.65.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. DA Davidson raised their price target on shares of Asana from $13.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Piper Sandler raised their target price on shares of Asana from $12.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. JMP Securities boosted their price target 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. Scotiabank raised their price objective on Asana from $15.00 to $18.00 and gave the company a “sector perform” rating in a report on Friday, December 6th. Finally, Jefferies Financial Group upped their target price on Asana from $13.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Asana currently has a consensus rating of “Hold” and a consensus price target of $16.53.

Asana Stock Performance

The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of -19.36 and a beta of 1.22. The company’s fifty day simple moving average is $15.91 and its 200 day simple moving average is $14.00. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insider Activity at Asana

In other Asana news, insider Eleanor B. Lacey sold 4,977 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.79, for a total value of $58,678.83. Following the transaction, the insider now directly owns 370,333 shares of the company’s stock, valued at $4,366,226.07. This represents a 1.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 63.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Asana

A number of institutional investors have recently modified their holdings of the business. Headlands Technologies LLC raised its stake in Asana by 327.9% in the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after purchasing an additional 2,220 shares in the last quarter. KBC Group NV increased its holdings in shares of Asana by 52.1% during the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock worth $41,000 after purchasing an additional 1,211 shares during the period. Quest Partners LLC acquired a new stake in shares of Asana in the third quarter valued at approximately $43,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Asana in the second quarter valued at approximately $65,000. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Asana by 26.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after buying an additional 1,028 shares during the period. 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.