Asana (NYSE:ASAN) Shares Gap Up – Here’s Why

Asana, Inc. (NYSE:ASAN)’s share price gapped up before the market opened on Monday . The stock had previously closed at $21.82, but opened at $23.30. Asana shares last traded at $22.74, with a volume of 1,350,901 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Morgan Stanley raised their price target on Asana from $14.00 to $18.00 and gave the company an “equal weight” rating in a report on Friday, December 6th. Royal Bank of Canada restated an “underperform” rating and set a $10.00 price target on shares of Asana in a report on Friday, December 6th. Citigroup raised their price target on Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price objective on shares of Asana in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. boosted their target price on Asana from $13.00 to $15.00 and gave the stock an “underweight” rating in a research report on Friday, December 6th. Two investment 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 data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $17.73.

Asana Stock Down 4.7 %

The company has a fifty day moving average price of $21.16 and a 200-day moving average price of $15.87. The firm has a market capitalization of $5.11 billion, a PE ratio of -19.95 and a beta of 1.11. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49.

Insider Activity at Asana

In related news, Director Justin Rosenstein sold 150,000 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $20.01, for a total transaction of $3,001,500.00. Following the sale, the director now owns 2,047,309 shares of the company’s stock, valued at $40,966,653.09. This trade represents a 6.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Anne Raimondi sold 27,233 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the sale, the chief operating officer now directly owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. This represents a 3.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 573,300 shares of company stock worth $12,197,068. Company insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ASAN. JPMorgan Chase & Co. raised its position in Asana by 105.6% during the third quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock valued at $9,650,000 after acquiring an additional 427,576 shares in the last quarter. XTX Topco Ltd acquired a new stake in Asana in the third quarter valued at approximately $538,000. Neo Ivy Capital Management grew its holdings in Asana by 195.1% in the third quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock valued at $1,964,000 after purchasing an additional 112,038 shares during the period. Friedenthal Financial acquired a new stake in shares of Asana in the fourth quarter worth approximately $762,000. Finally, Intech Investment Management LLC acquired a new position in Asana during the third quarter worth $456,000. 26.21% of the stock is currently 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.