Asana (NYSE:ASAN) Trading Up 6.8% – Time to Buy?

Asana, Inc. (NYSE:ASAN)’s stock price was up 6.8% during trading on Wednesday . The stock traded as high as $25.04 and last traded at $25.01. Approximately 3,346,540 shares changed hands during mid-day trading, an increase of 54% from the average daily volume of 2,175,881 shares. The stock had previously closed at $23.42.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ASAN shares. Scotiabank increased their price objective on shares of Asana from $15.00 to $18.00 and gave the company a “sector perform” rating in a research note on Friday, December 6th. Citigroup decreased their price target on shares of Asana from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. KeyCorp upgraded shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price target for the company in a research note on Friday, December 6th. Jefferies Financial Group raised their price target on shares of Asana from $13.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada restated an “underperform” rating and set a $10.00 price target on shares of Asana in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $16.53.

Asana Stock Performance

The company’s fifty day simple moving average is $13.89 and its 200 day simple moving average is $13.41. 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 capitalization of $5.55 billion, a P/E ratio of -20.91 and a beta of 1.22.

Insider Buying and Selling at Asana

In related news, COO Anne Raimondi sold 29,807 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $357,385.93. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eleanor B. Lacey sold 9,308 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $11.99, for a total transaction of $111,602.92. Following the sale, the insider now owns 375,310 shares of the company’s stock, valued at approximately $4,499,966.90. The trade was a 2.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,092 shares of company stock valued at $527,668 in the last three months. Company insiders own 63.97% of the company’s stock.

Hedge Funds Weigh In On Asana

Hedge funds and other institutional investors have recently modified their holdings of the company. Headlands Technologies LLC raised its stake in Asana by 327.9% in the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after buying an additional 2,220 shares in the last quarter. KBC Group NV raised its stake in Asana by 52.1% in the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock worth $41,000 after buying an additional 1,211 shares in the last quarter. Quest Partners LLC bought a new position in Asana in the third quarter worth about $43,000. Redwood Wealth Management Group LLC bought a new position in Asana in the second quarter worth about $65,000. Finally, Daiwa Securities Group Inc. raised its stake in Asana by 26.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock worth $70,000 after buying an additional 1,028 shares in the last quarter. 26.21% of the stock is owned by institutional investors.

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.