Asana (NYSE:ASAN) Sets New 1-Year High – Here’s Why

Asana, Inc. (NYSE:ASAN)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $26.50 and last traded at $26.22, with a volume of 1667667 shares. The stock had previously closed at $24.15.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ASAN. Robert W. Baird upped their price target on Asana from $13.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Oppenheimer lifted their price target on shares of Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Royal Bank of Canada restated an “underperform” rating and set a $10.00 price objective on shares of Asana in a research report on Friday, December 6th. UBS Group decreased their target price on shares of Asana from $17.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, KeyCorp upgraded Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price target on the stock in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $16.53.

Asana Trading Down 4.3 %

The stock has a market capitalization of $6.02 billion, a PE ratio of -23.50 and a beta of 1.22. The stock’s 50 day moving average price is $15.27 and its 200-day moving average price is $13.81. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insider Buying and Selling at Asana

In related news, COO Anne Raimondi sold 29,807 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $357,385.93. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eleanor B. Lacey sold 9,308 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $111,602.92. Following the transaction, the insider now owns 375,310 shares of the company’s stock, valued at $4,499,966.90. This represents a 2.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,092 shares of company stock valued at $527,668 over the last ninety days. 63.97% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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