Edgestream Partners L.P. Takes Position in Asana, Inc. (NYSE:ASAN)

Edgestream Partners L.P. purchased a new stake in Asana, Inc. (NYSE:ASAN) during the 4th quarter, HoldingsChannel reports. The fund purchased 125,637 shares of the company’s stock, valued at approximately $2,547,000.

Several other hedge funds and other institutional investors also recently modified their holdings of ASAN. KBC Group NV raised its position in shares of Asana by 52.1% in the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after purchasing an additional 1,211 shares during the period. Quest Partners LLC purchased a new position in Asana during the third quarter valued at approximately $43,000. Bogart Wealth LLC purchased a new position in Asana during the fourth quarter valued at approximately $61,000. SBI Securities Co. Ltd. purchased a new position in Asana during the fourth quarter valued at approximately $82,000. Finally, MQS Management LLC purchased a new position in Asana during the third quarter valued at approximately $141,000. Institutional investors own 26.21% of the company’s stock.

Asana Price Performance

Shares of Asana stock opened at $18.32 on Monday. Asana, Inc. has a 52-week low of $11.05 and a 52-week high of $27.77. The stock has a market capitalization of $4.19 billion, a price-to-earnings ratio of -16.36 and a beta of 1.13. The company has a fifty day moving average of $20.63 and a 200-day moving average of $16.85. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. DA Davidson boosted their price objective on shares of Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Morgan Stanley boosted their price objective on shares of Asana from $14.00 to $18.00 and gave the company an “equal weight” rating in a research note on Friday, December 6th. Piper Sandler reissued an “overweight” rating and issued a $27.00 price target on shares of Asana in a research note on Thursday, February 6th. Royal Bank of Canada reissued an “underperform” rating and issued a $10.00 price target on shares of Asana in a research note on Friday, December 6th. Finally, Citigroup boosted their price target on shares of Asana from $16.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Asana currently has a consensus rating of “Hold” and an average price target of $17.73.

Insider Activity at Asana

In related news, Director Justin Rosenstein sold 150,000 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $20.01, for a total transaction of $3,001,500.00. Following the completion of the sale, the director now directly owns 2,047,309 shares in the company, valued at $40,966,653.09. This represents a 6.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Anne Raimondi sold 27,233 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the sale, the chief operating officer now owns 733,855 shares of the company’s stock, valued at $15,931,992.05. This represents a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 723,300 shares of company stock worth $15,161,068 in the last three months. 63.97% of the stock is owned by 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.