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

Asana, Inc. (NYSE:ASAN) was the target of a large increase in short interest in December. As of December 31st, there was short interest totalling 12,280,000 shares, an increase of 19.2% from the December 15th total of 10,300,000 shares. Based on an average daily volume of 3,180,000 shares, the days-to-cover ratio is presently 3.9 days. Approximately 14.8% of the shares of the stock are sold short.

Insider Buying and Selling

In other Asana news, COO Anne Raimondi sold 27,233 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now directly owns 733,855 shares in the company, valued at approximately $15,931,992.05. This represents a 3.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 63.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Asana

Several large investors have recently modified their holdings of ASAN. KBC Group NV lifted its position in Asana by 52.1% during the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after purchasing an additional 1,211 shares during the last quarter. Quest Partners LLC bought a new stake in Asana during the third quarter valued at approximately $43,000. Benjamin F. Edwards & Company Inc. lifted its position in Asana by 139.3% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company’s stock valued at $93,000 after purchasing an additional 3,885 shares during the last quarter. MQS Management LLC bought a new stake in shares of Asana in the 3rd quarter worth approximately $141,000. Finally, Paloma Partners Management Co bought a new stake in shares of Asana in the 3rd quarter worth approximately $143,000. Hedge funds and other institutional investors own 26.21% of the company’s stock.

Asana Stock Performance

NYSE ASAN traded down $0.43 during trading hours on Friday, reaching $19.40. 3,061,601 shares of the company were exchanged, compared to its average volume of 3,763,506. Asana has a 1 year low of $11.05 and a 1 year high of $27.77. The business’s 50 day simple moving average is $19.09 and its 200-day simple moving average is $15.05. 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 stock has a market capitalization of $4.44 billion, a P/E ratio of -17.32 and a beta of 1.10.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ASAN shares. Royal Bank of Canada reissued an “underperform” rating and set a $10.00 target price on shares of Asana in a research note on Friday, December 6th. Jefferies Financial Group increased their target price on shares of Asana from $16.00 to $19.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Robert W. Baird increased their target price on shares of Asana from $13.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. JMP Securities raised their price objective on shares of Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Asana from $13.00 to $15.00 and gave the company an “underweight” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Asana presently has a consensus rating of “Hold” and an average target price of $17.73.

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.