Anne Raimondi Sells 29,807 Shares of Asana, Inc. (NYSE:ASAN) Stock

Asana, Inc. (NYSE:ASAN) COO Anne Raimondi sold 29,807 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $357,385.93. Following the completion of the sale, the chief operating officer now directly owns 761,088 shares of the company’s stock, valued at approximately $9,125,445.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Asana Price Performance

ASAN opened at $11.69 on Thursday. The company has a market capitalization of $2.67 billion, a P/E ratio of -9.99 and a beta of 1.16. The company has a 50-day moving average of $13.17 and a 200-day moving average of $13.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.63 and a current ratio of 1.63. Asana, Inc. has a 1-year low of $11.05 and a 1-year high of $23.44.

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 firm had revenue of $179.21 million during the quarter, compared to analyst estimates of $177.68 million. During the same period in the previous year, the company earned ($0.31) earnings per share. Asana’s quarterly revenue was up 10.3% on a year-over-year basis. Equities analysts expect that Asana, Inc. will post -1.14 EPS for the current fiscal year.

Asana declared that its Board of Directors has initiated a stock buyback program on Thursday, June 20th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ASAN. KeyCorp decreased their price target on shares of Asana from $12.00 to $10.00 and set an “underweight” rating for the company in a research report on Wednesday, September 4th. Royal Bank of Canada reiterated an “underperform” rating and set a $10.00 target price on shares of Asana in a report on Wednesday, September 4th. Oppenheimer reduced their price target on Asana from $23.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Piper Sandler lowered their price objective on shares of Asana from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Finally, Jefferies Financial Group reduced their target price on shares of Asana from $17.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, May 31st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.67.

Hedge Funds Weigh In On Asana

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Asana by 5.6% during the first quarter. Vanguard Group Inc. now owns 9,326,145 shares of the company’s stock worth $144,462,000 after purchasing an additional 490,823 shares during the period. Champlain Investment Partners LLC grew its position in shares of Asana by 26.9% during the 1st quarter. Champlain Investment Partners LLC now owns 4,032,035 shares of the company’s stock valued at $62,456,000 after buying an additional 854,355 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Asana by 15.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock worth $33,891,000 after acquiring an additional 235,135 shares during the period. Gilder Gagnon Howe & Co. LLC bought a new position in Asana in the fourth quarter worth about $25,246,000. Finally, Point72 Asset Management L.P. acquired a new position in Asana in the second quarter valued at approximately $17,100,000. Institutional investors and hedge funds own 26.21% of the company’s stock.

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.