Asana, Inc. (NYSE:ASAN) Short Interest Down 37.4% in March

Asana, Inc. (NYSE:ASAN) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 7,190,000 shares, a decline of 37.4% from the February 28th total of 11,480,000 shares. Currently, 8.2% of the company’s stock are short sold. Based on an average daily trading volume, of 3,660,000 shares, the days-to-cover ratio is presently 2.0 days.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ASAN. DA Davidson lowered their price target on Asana from $20.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Bank of America dropped their price target on Asana from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Tuesday, March 11th. Citigroup raised their price objective on shares of Asana from $16.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Oppenheimer upped their target price on shares of Asana from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada restated an “underperform” rating and set a $10.00 price objective on shares of Asana in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Asana currently has an average rating of “Hold” and an average price target of $15.67.

Asana Price Performance

Shares of ASAN stock traded down $0.32 during trading hours on Monday, hitting $14.57. 3,235,253 shares of the company’s stock were exchanged, compared to its average volume of 2,658,077. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of -13.00 and a beta of 1.13. Asana has a 52 week low of $11.05 and a 52 week high of $27.77. The stock’s 50-day moving average is $18.97 and its 200-day moving average is $16.98.

Insider Activity at Asana

In other news, COO Anne Raimondi sold 18,775 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $14.03, for a total transaction of $263,413.25. Following the transaction, the chief operating officer now owns 716,580 shares of the company’s stock, valued at approximately $10,053,617.40. This represents a 2.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Justin Rosenstein sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $20.01, for a total value of $3,001,500.00. Following the completion of the sale, the director now owns 2,047,309 shares of the company’s stock, valued at approximately $40,966,653.09. This trade represents a 6.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders bought 900,000 shares of company stock valued at $12,735,000 and sold 739,842 shares valued at $15,155,503. 63.97% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Asana

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership bought a new stake in shares of Asana during the fourth quarter worth approximately $38,966,000. Paradice Investment Management LLC bought a new stake in shares of Asana in the fourth quarter worth about $22,507,000. Two Sigma Investments LP raised its holdings in Asana by 288.1% during the 4th quarter. Two Sigma Investments LP now owns 1,405,088 shares of the company’s stock worth $28,481,000 after buying an additional 1,043,047 shares during the period. Voya Investment Management LLC lifted its position in Asana by 8.1% in the 4th quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock valued at $254,166,000 after acquiring an additional 937,726 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Asana in the fourth quarter valued at about $11,781,000. 26.21% of the stock is owned by institutional investors and hedge funds.

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.