Hsbc Holdings PLC Sells 7,492 Shares of Asana, Inc. (NYSE:ASAN)

Hsbc Holdings PLC lowered its stake in shares of Asana, Inc. (NYSE:ASAN) by 31.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,616 shares of the company’s stock after selling 7,492 shares during the period. Hsbc Holdings PLC’s holdings in Asana were worth $231,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Headlands Technologies LLC boosted its stake in Asana by 327.9% during the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after acquiring an additional 2,220 shares during the last quarter. Redwood Wealth Management Group LLC bought a new position in shares of Asana during the second quarter worth $65,000. Daiwa Securities Group Inc. grew its holdings in shares of Asana by 26.0% in 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 period. Retirement Planning Co of New England Inc. bought a new stake in shares of Asana in the 1st quarter valued at $164,000. Finally, Principal Financial Group Inc. acquired a new stake in Asana during the 1st quarter worth $173,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Eleanor B. Lacey sold 4,977 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 370,333 shares of the company’s stock, valued at approximately $4,366,226.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Asana news, CFO Tim M. Wan sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $15.00, for a total transaction of $75,000.00. Following the transaction, the chief financial officer now owns 1,063,909 shares of the company’s stock, valued at $15,958,635. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eleanor B. Lacey sold 4,977 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.79, for a total value of $58,678.83. Following the completion of the sale, the insider now directly owns 370,333 shares of the company’s stock, valued at approximately $4,366,226.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,092 shares of company stock valued at $752,668 in the last 90 days. 63.97% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on ASAN shares. Bank of America decreased their target price on Asana from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Morgan Stanley lowered their target price on Asana from $19.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 20th. DA Davidson restated a “neutral” rating and set a $11.00 target price (down from $14.00) on shares of Asana in a report on Wednesday, September 4th. Robert W. Baird reduced their price target on shares of Asana from $20.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Asana currently has an average rating of “Hold” and an average price target of $14.07.

Asana Stock Up 2.8 %

Shares of ASAN stock opened at $11.52 on Friday. The firm’s fifty day moving average price is $12.81 and its two-hundred day moving average price is $13.79. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.14. Asana, Inc. has a 1 year low of $11.05 and a 1 year high of $23.44. The firm has a market capitalization of $2.63 billion, a P/E ratio of -9.84 and a beta of 1.15.

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

Asana announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 20th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to buy up to 5.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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.