Asana (NYSE:ASAN) Shares Gap Up – Should You Buy?

Asana, Inc. (NYSE:ASAN) shares gapped up before the market opened on Monday . The stock had previously closed at $20.61, but opened at $22.50. Asana shares last traded at $22.48, with a volume of 672,776 shares traded.

Wall Street Analysts Forecast Growth

ASAN has been the subject of several research reports. DA Davidson raised their price objective on Asana from $13.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Oppenheimer lifted their price objective on Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. JMP Securities lifted their target price on Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. lifted their target price on Asana from $13.00 to $15.00 and gave the stock an “underweight” rating in a research report on Friday, December 6th. Finally, Morgan Stanley upped their price objective on Asana from $14.00 to $18.00 and gave the company an “equal weight” rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.07.

Asana Trading Up 8.3 %

The firm has a market cap of $5.11 billion, a price-to-earnings ratio of -19.94 and a beta of 1.10. 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 firm’s fifty day moving average is $17.72 and its 200-day moving average is $14.60.

Insider Activity

In other news, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the completion of the sale, the chief operating officer now directly owns 733,855 shares of the company’s stock, valued at $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

A number of institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd bought a new position in shares of Asana during the 3rd quarter valued at approximately $538,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Asana during the 2nd quarter valued at approximately $3,050,000. Neo Ivy Capital Management grew its position in shares of Asana by 195.1% during the 3rd quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock valued at $1,964,000 after acquiring an additional 112,038 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Asana during the 2nd quarter valued at approximately $17,100,000. Finally, Marshall Wace LLP purchased a new stake in shares of Asana during the 2nd quarter valued at approximately $3,159,000. 26.21% of the stock is owned by 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.