Asana, Inc. (NYSE:ASAN) Short Interest Down 5.7% in March

Asana, Inc. (NYSE:ASAN) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 11,180,000 shares, a drop of 5.7% from the March 15th total of 11,860,000 shares. Currently, 14.1% of the shares of the company are short sold. Based on an average trading volume of 1,990,000 shares, the days-to-cover ratio is currently 5.6 days.

Insiders Place Their Bets

In other Asana news, COO Anne Raimondi sold 11,779 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $15.38, for a total transaction of $181,161.02. Following the completion of the sale, the chief operating officer now directly owns 492,230 shares of the company’s stock, valued at approximately $7,570,497.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Anne Raimondi sold 11,779 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $15.38, for a total value of $181,161.02. Following the completion of the sale, the chief operating officer now directly owns 492,230 shares of the company’s stock, valued at approximately $7,570,497.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eleanor B. Lacey sold 5,387 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $15.46, for a total value of $83,283.02. Following the completion of the sale, the insider now directly owns 225,201 shares of the company’s stock, valued at $3,481,607.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,733 shares of company stock valued at $488,886. 63.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale acquired a new position in Asana in the third quarter valued at $27,000. Lazard Asset Management LLC lifted its stake in shares of Asana by 117.7% during the third quarter. Lazard Asset Management LLC now owns 1,463 shares of the company’s stock worth $26,000 after purchasing an additional 791 shares in the last quarter. FMR LLC lifted its stake in shares of Asana by 120.4% during the second quarter. FMR LLC now owns 1,578 shares of the company’s stock worth $28,000 after purchasing an additional 862 shares in the last quarter. KBC Group NV acquired a new position in shares of Asana during the fourth quarter worth about $41,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Asana by 1,015.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,520 shares of the company’s stock worth $46,000 after purchasing an additional 2,294 shares in the last quarter. Institutional investors and hedge funds own 26.21% of the company’s stock.

Analysts Set New Price Targets

ASAN has been the subject of several recent analyst reports. Piper Sandler raised their price target on Asana from $16.00 to $18.00 and gave the company an “underweight” rating in a report on Tuesday, January 2nd. Bank of America began coverage on Asana in a report on Monday, February 26th. They set a “buy” rating and a $25.00 price objective for the company. Finally, KeyCorp began coverage on Asana in a research report on Thursday, March 21st. They set an “underweight” rating and a $14.00 price target for the company. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $20.67.

Asana Trading Down 2.2 %

Shares of NYSE:ASAN traded down $0.31 during midday trading on Wednesday, reaching $13.55. The company’s stock had a trading volume of 2,306,741 shares, compared to its average volume of 1,603,014. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -11.58 and a beta of 1.22. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.13. Asana has a 1 year low of $13.43 and a 1 year high of $26.27. The business has a 50 day moving average price of $17.01 and a 200 day moving average price of $18.35.

Asana (NYSE:ASAN) last announced its quarterly earnings data on Monday, March 11th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.06. Asana had a negative return on equity of 75.22% and a negative net margin of 39.39%. The business had revenue of $171.14 million during the quarter, compared to the consensus estimate of $167.59 million. Research analysts forecast that Asana will post -1.08 EPS for the current year.

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.