Asana (NYSE:ASAN) Shares Gap Down – What’s Next?

Asana, Inc. (NYSE:ASAN)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $14.27, but opened at $13.75. Asana shares last traded at $14.10, with a volume of 370,005 shares changing hands.

Analysts Set New Price Targets

ASAN has been the topic of a number of analyst reports. Citigroup lifted their price objective on shares of Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Scotiabank reduced their target price on Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, March 11th. Piper Sandler reduced their target price on Asana from $27.00 to $18.00 and set an “overweight” rating for the company in a report on Tuesday, March 11th. DA Davidson reduced their target price on Asana from $20.00 to $12.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. reduced their target price on Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a report on Tuesday, March 11th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.67.

Asana Stock Up 3.1 %

The firm’s 50 day moving average is $19.39 and its two-hundred day moving average is $16.81. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of -12.89 and a beta of 1.13. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insider Activity at Asana

In other Asana news, CEO Dustin A. Moskovitz purchased 225,000 shares of the stock in a transaction on Monday, March 17th. The stock was bought at an average price of $14.02 per share, for a total transaction of $3,154,500.00. Following the acquisition, the chief executive officer now directly owns 48,573,436 shares of the company’s stock, valued at $680,999,572.72. This represents a 0.47 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Justin Rosenstein sold 25,000 shares of Asana stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $12.89, for a total value of $322,250.00. Following the completion of the sale, the director now owns 922,309 shares of the company’s stock, valued at $11,888,563.01. This trade represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders bought 675,000 shares of company stock valued at $9,285,750 and sold 721,067 shares valued at $14,892,089. 63.97% of the stock is currently owned by corporate insiders.

Institutional Trading of Asana

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASAN. KBC Group NV grew its holdings in Asana by 52.1% in the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after buying an additional 1,211 shares during the period. Quest Partners LLC purchased a new stake in Asana in the 3rd quarter valued at about $43,000. Intech Investment Management LLC purchased a new stake in Asana in the 3rd quarter valued at about $456,000. Quantbot Technologies LP grew its holdings in shares of Asana by 157.7% during the 3rd quarter. Quantbot Technologies LP now owns 26,008 shares of the company’s stock worth $301,000 after purchasing an additional 15,917 shares during the period. Finally, FMR LLC grew its holdings in shares of Asana by 1,419.9% during the 3rd quarter. FMR LLC now owns 24,029 shares of the company’s stock worth $278,000 after purchasing an additional 22,448 shares during the period. Hedge funds and other institutional investors 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.