Asana (NYSE:ASAN) Stock Price Down 4.3% – Here’s What Happened

Asana, Inc. (NYSE:ASAN) fell 4.3% during mid-day trading on Thursday . The stock traded as low as $22.47 and last traded at $22.63. 1,913,544 shares traded hands during trading, a decline of 15% from the average session volume of 2,262,676 shares. The stock had previously closed at $23.65.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ASAN. Piper Sandler increased their price target on shares of Asana from $12.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Bank of America lowered 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. JMP Securities upped their price target on Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Friday, December 6th. Scotiabank raised their price objective on Asana from $15.00 to $18.00 and gave the company a “sector perform” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and issued a $10.00 target price on shares of Asana in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.53.

Asana Stock Down 7.6 %

The company’s 50 day moving average price is $15.51 and its two-hundred day moving average price is $13.88. 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 stock has a market cap of $5.00 billion, a P/E ratio of -19.51 and a beta of 1.22.

Insider Activity at Asana

In related news, COO Anne Raimondi sold 29,807 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $357,385.93. Following the sale, the chief operating officer now directly owns 761,088 shares in the company, valued at approximately $9,125,445.12. The trade was a 3.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eleanor B. Lacey sold 4,977 shares of Asana 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 directly owns 370,333 shares in the company, valued at approximately $4,366,226.07. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,092 shares of company stock worth $527,668. 63.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On Asana

A number of institutional investors and hedge funds have recently made changes to their positions in ASAN. Headlands Technologies LLC increased its position in shares of Asana by 327.9% during the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock valued at $41,000 after purchasing an additional 2,220 shares during the last quarter. KBC Group NV boosted its holdings in Asana by 52.1% during the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after acquiring an additional 1,211 shares during the period. Quest Partners LLC purchased a new stake in Asana in the third quarter worth $43,000. Redwood Wealth Management Group LLC bought a new stake in shares of Asana during the second quarter worth $65,000. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Asana by 26.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after purchasing an additional 1,028 shares during the period. 26.21% of the stock is owned by hedge funds and other institutional investors.

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.