Insider Buying: Asana, Inc. (NYSE:ASAN) CEO Acquires 224,507 Shares of Stock

Asana, Inc. (NYSE:ASAN) CEO Dustin A. Moskovitz purchased 224,507 shares of the company’s stock in a transaction dated Friday, March 28th. The shares were acquired at an average price of $14.72 per share, for a total transaction of $3,304,743.04. Following the purchase, the chief executive officer now directly owns 49,922,943 shares of the company’s stock, valued at approximately $734,865,720.96. The trade was a 0.45 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

Asana Price Performance

ASAN stock traded up $0.71 during mid-day trading on Tuesday, reaching $15.28. The company’s stock had a trading volume of 2,383,599 shares, compared to its average volume of 2,657,005. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. The company’s 50 day moving average is $18.87 and its two-hundred day moving average is $17.00. Asana, Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $27.77. The stock has a market cap of $3.56 billion, a PE ratio of -13.64 and a beta of 1.13.

Institutional Investors Weigh In On Asana

Several hedge funds and other institutional investors have recently made changes to their positions in ASAN. Arrowstreet Capital Limited Partnership acquired a new position in Asana during the fourth quarter worth $38,966,000. Paradice Investment Management LLC purchased a new stake in shares of Asana in the fourth quarter valued at about $22,507,000. Two Sigma Investments LP increased its position in Asana by 288.1% during the fourth quarter. Two Sigma Investments LP now owns 1,405,088 shares of the company’s stock worth $28,481,000 after purchasing an additional 1,043,047 shares during the last quarter. Voya Investment Management LLC raised its stake in Asana by 8.1% during the fourth quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock worth $254,166,000 after purchasing an additional 937,726 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Asana in the 4th quarter valued at about $11,781,000. Institutional investors and hedge funds own 26.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Morgan Stanley cut their price target on shares of Asana from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. Piper Sandler reduced their target price on Asana from $27.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, March 11th. Citigroup boosted their price target on Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Robert W. Baird reduced their target price on shares of Asana from $23.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Finally, Jefferies Financial Group dropped their price objective on shares of Asana from $19.00 to $15.00 and set a “hold” rating on the stock in a research note on Tuesday, March 11th. Two equities 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, Asana currently has an average rating of “Hold” and a consensus target price of $15.67.

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.