Asana (NYSE:ASAN) Shares Gap Up – Here’s What Happened

Asana, Inc. (NYSE:ASAN)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $18.72, but opened at $20.08. Asana shares last traded at $20.35, with a volume of 1,063,075 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ASAN. Oppenheimer lifted their price objective on Asana from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Morgan Stanley lifted their target price on Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a report on Friday, December 6th. JMP Securities lifted their target price on Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a report on Friday, December 6th. Piper Sandler raised Asana from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $19.00 to $27.00 in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. lifted their target price on Asana from $13.00 to $15.00 and gave the stock an “underweight” rating in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $17.27.

Asana Stock Up 7.3 %

The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The company has a market cap of $4.60 billion, a P/E ratio of -17.94 and a beta of 1.10. The company has a fifty day moving average of $18.75 and a 200 day moving average of $14.93.

Insider Buying and Selling at Asana

In other Asana news, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $21.71, for a total transaction of $591,228.43. Following the completion of the sale, the chief operating officer now owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 63.97% of the stock is currently owned by corporate insiders.

Institutional Trading of Asana

Several hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System grew its holdings in Asana by 3.6% during the second quarter. Arizona State Retirement System now owns 23,401 shares of the company’s stock valued at $327,000 after purchasing an additional 803 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Asana by 26.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after acquiring an additional 1,028 shares in the last quarter. KBC Group NV lifted 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 acquiring an additional 1,211 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Asana by 4.0% in the second quarter. The Manufacturers Life Insurance Company now owns 49,096 shares of the company’s stock valued at $687,000 after acquiring an additional 1,888 shares in the last quarter. Finally, Headlands Technologies LLC lifted its position in shares of Asana by 327.9% in the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock valued at $41,000 after acquiring an additional 2,220 shares in the last quarter. Institutional investors own 26.21% of the company’s stock.

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.