Formula Growth Ltd. Trims Stake in Asana, Inc. (NYSE:ASAN)

Formula Growth Ltd. trimmed its position in Asana, Inc. (NYSE:ASAN) by 52.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 150,000 shares of the company’s stock after selling 165,000 shares during the quarter. Formula Growth Ltd.’s holdings in Asana were worth $3,040,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ASAN. Arrowstreet Capital Limited Partnership purchased a new stake in Asana in the fourth quarter worth about $38,966,000. Geode Capital Management LLC lifted its position in shares of Asana by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock worth $21,605,000 after purchasing an additional 12,055 shares during the period. Paradice Investment Management LLC bought a new position in shares of Asana during the fourth quarter valued at approximately $22,507,000. JPMorgan Chase & Co. increased its holdings 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 buying an additional 427,576 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Asana by 1.5% in the fourth quarter. Bank of New York Mellon Corp now owns 805,649 shares of the company’s stock worth $16,331,000 after buying an additional 11,896 shares in the last quarter. Institutional investors own 26.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ASAN. Jefferies Financial Group cut their price target on Asana from $19.00 to $15.00 and set a “hold” rating on the stock in a report on Tuesday, March 11th. Citigroup boosted their target price on shares of Asana from $16.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Robert W. Baird lowered 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. Scotiabank reduced their price objective on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a research note on Tuesday, March 11th. Finally, Morgan Stanley lowered their target price on shares of Asana from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, Asana has a consensus rating of “Hold” and a consensus price target of $15.60.

Asana Trading Down 1.4 %

Asana stock opened at $14.84 on Friday. Asana, Inc. has a 52 week low of $11.05 and a 52 week high of $27.77. The stock has a 50-day moving average price of $16.85 and a 200 day moving average price of $17.24. 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 company has a market capitalization of $3.46 billion, a price-to-earnings ratio of -13.25 and a beta of 1.23.

Insider Buying and Selling at Asana

In other Asana news, Director Justin Rosenstein sold 25,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $12.89, for a total transaction of $322,250.00. Following the transaction, the director now owns 922,309 shares in the company, valued at approximately $11,888,563.01. This represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Anne Raimondi sold 18,775 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $14.03, for a total value of $263,413.25. Following the transaction, the chief operating officer now owns 716,580 shares in the company, valued at $10,053,617.40. This trade represents a 2.55 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 2,074,507 shares of company stock worth $30,025,743 and sold 739,842 shares worth $15,155,503. Company insiders own 63.97% 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.