Asana, Inc. (NYSE:ASAN) Sees Large Decline in Short Interest

Asana, Inc. (NYSE:ASAN) was the target of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 11,480,000 shares, a decrease of 13.9% from the February 13th total of 13,340,000 shares. Currently, 13.6% of the shares of the stock are short sold. Based on an average daily volume of 4,100,000 shares, the days-to-cover ratio is currently 2.8 days.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. UBS Group reduced their price objective on shares of Asana from $18.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Bank of America decreased their price target on shares of Asana from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, March 11th. Citigroup lifted their price target on shares of Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Scotiabank decreased their price target on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, March 11th. Finally, Robert W. Baird decreased their price target on shares of Asana from $23.00 to $13.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Asana has a consensus rating of “Hold” and a consensus price target of $15.67.

Asana Stock Up 2.4 %

Asana stock traded up $0.34 during midday trading on Wednesday, hitting $14.35. 2,110,489 shares of the stock were exchanged, compared to its average volume of 2,561,819. Asana has a 1 year low of $11.05 and a 1 year high of $27.77. The firm has a market cap of $3.28 billion, a P/E ratio of -12.88 and a beta of 1.13. 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 company has a 50 day moving average price of $19.71 and a two-hundred day moving average price of $16.84.

Insider Activity

In other news, COO Anne Raimondi sold 27,233 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $21.71, for a total value of $591,228.43. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justin Rosenstein sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $20.01, for a total transaction of $3,001,500.00. Following the transaction, the director now directly owns 2,047,309 shares in the company, valued at $40,966,653.09. The trade was a 6.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 748,300 shares of company stock worth $15,483,318 over the last ninety days. 63.97% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Asana

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brooklyn FI LLC bought a new stake in shares of Asana in the 4th quarter worth about $8,138,000. Vise Technologies Inc. boosted its holdings in shares of Asana by 6.5% in the 4th quarter. Vise Technologies Inc. now owns 15,809 shares of the company’s stock valued at $320,000 after buying an additional 959 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Asana by 12.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 226,025 shares of the company’s stock valued at $4,582,000 after buying an additional 25,607 shares during the period. Voloridge Investment Management LLC boosted its holdings in shares of Asana by 25.6% in the 4th quarter. Voloridge Investment Management LLC now owns 2,149,680 shares of the company’s stock valued at $43,574,000 after buying an additional 438,057 shares during the period. Finally, Woodline Partners LP acquired a new position in shares of Asana in the 4th quarter valued at about $1,745,000. 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.