Asana (NYSE:ASAN) Shares Gap Up Following Analyst Upgrade

Asana, Inc. (NYSE:ASAN)’s stock price gapped up prior to trading on Monday after Jefferies Financial Group raised their price target on the stock from $16.00 to $19.00. The stock had previously closed at $20.61, but opened at $22.50. Jefferies Financial Group currently has a hold rating on the stock. Asana shares last traded at $22.48, with a volume of 672,776 shares trading hands.

Several other brokerages have also weighed in on ASAN. Oppenheimer increased their price objective on Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Royal Bank of Canada reissued an “underperform” rating and set a $10.00 price objective on shares of Asana in a research report on Friday, December 6th. Scotiabank boosted their price objective on shares of Asana from $15.00 to $18.00 and gave the company a “sector perform” rating in a report on Friday, December 6th. KeyCorp raised shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 target price for the company in a research note on Friday, December 6th. Finally, DA Davidson boosted their price target on shares of Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Two 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 data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $17.27.

Insiders Place Their Bets

In other Asana news, COO Anne Raimondi sold 27,233 shares of the 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 sale, the chief operating officer now owns 733,855 shares of the company’s stock, valued at $15,931,992.05. This trade represents a 3.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

A number of large investors have recently made changes to their positions in ASAN. Headlands Technologies LLC lifted its stake in Asana by 327.9% in the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock worth $41,000 after acquiring an additional 2,220 shares during the last quarter. KBC Group NV boosted its holdings in Asana by 52.1% in the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after purchasing an additional 1,211 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Asana in the 3rd quarter valued at $43,000. Redwood Wealth Management Group LLC purchased a new stake in Asana in the second quarter valued at $65,000. Finally, Daiwa Securities Group Inc. boosted its stake in Asana by 26.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after acquiring an additional 1,028 shares in the last quarter. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Asana Stock Performance

The firm has a fifty day simple moving average of $18.09 and a 200-day simple moving average of $14.72. 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 cap of $4.66 billion, a PE ratio of -18.21 and a beta of 1.10.

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.