Insider Selling: Asana, Inc. (NYSE:ASAN) Insider Sells 9,308 Shares of Stock

Asana, Inc. (NYSE:ASAN) insider Eleanor B. Lacey sold 9,308 shares of the business’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 $111,602.92. Following the transaction, the insider now directly owns 375,310 shares in the company, valued at approximately $4,499,966.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Asana Stock Performance

NYSE ASAN opened at $11.89 on Wednesday. Asana, Inc. has a one year low of $11.05 and a one year high of $23.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.63 and a current ratio of 1.63. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of -10.16 and a beta of 1.16. The company’s 50-day simple moving average is $13.23 and its two-hundred day simple moving average is $14.00.

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

Asana announced that its Board of Directors has authorized a share repurchase program on Thursday, June 20th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Asana

Institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. purchased a new stake in Asana during the second quarter valued at approximately $17,100,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Asana during the 2nd quarter valued at $3,050,000. Scientech Research LLC purchased a new stake in shares of Asana during the 2nd quarter valued at $146,000. The Manufacturers Life Insurance Company boosted its position in shares of Asana by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,096 shares of the company’s stock worth $687,000 after purchasing an additional 1,888 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Asana by 25.6% during the 2nd quarter. AQR Capital Management LLC now owns 32,503 shares of the company’s stock worth $444,000 after buying an additional 6,634 shares during the last quarter. Institutional investors own 26.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ASAN. KeyCorp reduced their target price on shares of Asana from $12.00 to $10.00 and set an “underweight” rating on the stock in a research note on Wednesday, September 4th. Morgan Stanley decreased their price objective on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 20th. UBS Group cut their target price on Asana from $17.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Robert W. Baird decreased their price target on Asana from $20.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $11.00 price objective (down previously from $14.00) on shares of Asana in a research report on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $14.67.

Asana Company 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.