Asana (NYSE:ASAN) Trading Down 6.3% – What’s Next?

Asana, Inc. (NYSE:ASAN) dropped 6.3% on Tuesday . The stock traded as low as $20.35 and last traded at $20.42. Approximately 1,359,585 shares traded hands during trading, a decline of 50% from the average daily volume of 2,738,013 shares. The stock had previously closed at $21.80.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Robert W. Baird raised their price objective on Asana from $13.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Oppenheimer boosted their price objective 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. Jefferies Financial Group raised their target price on shares of Asana from $16.00 to $19.00 and gave the company a “hold” rating in a research note on Monday. JPMorgan Chase & Co. upped their price target on Asana from $13.00 to $15.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Finally, JMP Securities lifted their price objective on Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a research note on Friday, December 6th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.27.

Asana Stock Performance

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 business has a 50 day moving average price of $18.23 and a two-hundred day moving average price of $14.75. The stock has a market cap of $4.47 billion, a P/E ratio of -17.46 and a beta of 1.10.

Insider Buying and Selling at Asana

In other Asana news, COO Anne Raimondi sold 27,233 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the transaction, the chief operating officer now directly owns 733,855 shares in the company, valued at $15,931,992.05. This represents a 3.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asset Management L.P. acquired a new stake in Asana during the 2nd quarter worth about $17,100,000. JPMorgan Chase & Co. lifted its holdings in shares of Asana by 105.6% during the third quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock worth $9,650,000 after purchasing an additional 427,576 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Asana in the 2nd quarter worth approximately $5,169,000. Marshall Wace LLP acquired a new position in Asana in the 2nd quarter worth approximately $3,159,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Asana during the 2nd quarter worth approximately $3,050,000. 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.