Scientech Research LLC Invests $146,000 in Asana, Inc. (NYSE:ASAN)

Scientech Research LLC acquired a new stake in shares of Asana, Inc. (NYSE:ASAN) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,439 shares of the company’s stock, valued at approximately $146,000.

Other institutional investors have also modified their holdings of the company. Headlands Technologies LLC grew its position in shares of Asana by 327.9% during the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock valued at $41,000 after buying an additional 2,220 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in shares of Asana during the 2nd quarter valued at about $65,000. Daiwa Securities Group Inc. grew its position in shares of Asana by 26.0% during the 2nd 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 last quarter. Benjamin F. Edwards & Company Inc. grew its position in shares of Asana by 139.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 6,673 shares of the company’s stock valued at $93,000 after buying an additional 3,885 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. bought a new position in Asana in the 1st quarter worth about $164,000. Institutional investors own 26.21% of the company’s stock.

Analyst Upgrades and Downgrades

ASAN has been the subject of several recent analyst reports. Oppenheimer decreased their target price on shares of Asana from $23.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, September 4th. Piper Sandler decreased their target price on shares of Asana from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Robert W. Baird decreased their target price on shares of Asana from $20.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. JPMorgan Chase & Co. decreased their target price on shares of Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, September 4th. Finally, Bank of America reduced their price target on shares of Asana from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Asana presently has a consensus rating of “Hold” and an average price target of $14.67.

Asana Stock Down 3.6 %

ASAN stock opened at $11.18 on Wednesday. Asana, Inc. has a 12 month low of $11.05 and a 12 month high of $23.44. The firm has a market cap of $2.55 billion, a PE ratio of -9.55 and a beta of 1.16. The firm has a 50 day simple moving average of $12.95 and a 200 day simple moving average of $13.82. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63.

Asana (NYSE:ASAN) last released its earnings results on Tuesday, September 3rd. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. The business had revenue of $179.21 million during the quarter, compared to analyst estimates of $177.68 million. Asana had a negative net margin of 37.73% and a negative return on equity of 81.88%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.31) earnings per share. Equities research analysts forecast that Asana, Inc. will post -1.14 earnings per share for the current fiscal year.

Asana declared that its board has authorized a stock buyback plan on Thursday, June 20th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Asana

In related news, COO Anne Raimondi sold 29,807 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $357,385.93. Following the completion of the sale, the chief operating officer now owns 761,088 shares in the company, valued at approximately $9,125,445.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, COO Anne Raimondi sold 29,807 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $357,385.93. Following the completion of the sale, the chief operating officer now owns 761,088 shares in the company, valued at approximately $9,125,445.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Tim M. Wan sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $15.00, for a total transaction of $150,000.00. Following the completion of the sale, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at approximately $15,754,260. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,092 shares of company stock worth $752,668. 63.97% of the stock is owned by corporate insiders.

Asana Profile

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.