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

Asana, Inc. (NYSE:ASAN) was the target of a significant decline in short interest in the month of 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. Approximately 8.2% of the shares of the company are sold short. Based on an average daily volume of 3,660,000 shares, the short-interest ratio is presently 2.0 days.

Wall Street Analyst Weigh In

ASAN has been the subject of several research reports. JPMorgan Chase & Co. reduced their price objective on Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a report on Tuesday, March 11th. Citigroup increased their price target on shares of Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Bank of America cut their price objective on Asana from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Tuesday, March 11th. Oppenheimer increased their price objective on shares of Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, Robert W. Baird dropped their price objective on shares of Asana from $23.00 to $13.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $15.67.

Insider Activity

In related news, CEO Dustin A. Moskovitz acquired 225,000 shares of Asana stock in a transaction that occurred on Monday, March 17th. The stock was purchased at an average price of $14.02 per share, for a total transaction of $3,154,500.00. Following the completion of the purchase, the chief executive officer now directly owns 48,573,436 shares of the company’s stock, valued at approximately $680,999,572.72. This trade represents a 0.47 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justin Rosenstein sold 196,067 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $21.78, for a total transaction of $4,270,339.26. Following the transaction, the director now owns 1,651,242 shares in the company, valued at $35,964,050.76. The trade was a 10.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 900,000 shares of company stock valued at $12,735,000 and have sold 739,842 shares valued at $15,155,503. Corporate insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

Hedge funds have recently bought and sold shares of the company. Quest Partners LLC acquired a new position in Asana in the third quarter valued at about $43,000. Intech Investment Management LLC acquired a new position in Asana during the 3rd quarter worth about $456,000. Quantbot Technologies LP grew its holdings in Asana by 157.7% during the 3rd quarter. Quantbot Technologies LP now owns 26,008 shares of the company’s stock worth $301,000 after acquiring an additional 15,917 shares during the last quarter. FMR LLC increased its position in Asana by 1,419.9% in the 3rd quarter. FMR LLC now owns 24,029 shares of the company’s stock valued at $278,000 after acquiring an additional 22,448 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Asana by 20.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,481 shares of the company’s stock worth $237,000 after acquiring an additional 3,436 shares during the last quarter. 26.21% of the stock is currently owned by institutional investors.

Asana Stock Up 0.5 %

Shares of ASAN stock traded up $0.08 on Friday, reaching $14.87. 2,993,933 shares of the company’s stock traded hands, compared to its average volume of 2,655,766. The company has a market capitalization of $3.40 billion, a P/E ratio of -13.27 and a beta of 1.13. Asana has a 12-month low of $11.05 and a 12-month high of $27.77. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. The business’s 50 day moving average price is $18.97 and its two-hundred day moving average price is $16.94.

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.