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

Asana, Inc. (NYSE:ASAN) was the target of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 7,190,000 shares, a drop of 37.4% from the February 28th total of 11,480,000 shares. Based on an average daily volume of 3,660,000 shares, the short-interest ratio is currently 2.0 days. Currently, 8.2% of the shares of the company are short sold.

Insider Activity at Asana

In other news, 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 completion of the sale, the director now owns 2,047,309 shares of the company’s stock, valued at approximately $40,966,653.09. This represents a 6.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Dustin A. Moskovitz bought 225,000 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were acquired at an average price of $12.91 per share, with a total value of $2,904,750.00. Following the completion of the purchase, the chief executive officer now directly owns 48,123,436 shares of the company’s stock, valued at approximately $621,273,558.76. The trade was a 0.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 900,000 shares of company stock worth $12,735,000 and sold 739,842 shares worth $15,155,503. 63.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Asana

Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its holdings in Asana by 105.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock worth $9,650,000 after purchasing an additional 427,576 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Asana in the third quarter valued at approximately $538,000. Neo Ivy Capital Management boosted its position in shares of Asana by 195.1% in the third quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock valued at $1,964,000 after acquiring an additional 112,038 shares during the period. Virtu Financial LLC purchased a new position in Asana during the fourth quarter valued at approximately $2,349,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Asana by 7.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 694,792 shares of the company’s stock worth $14,083,000 after purchasing an additional 48,831 shares in the last quarter. 26.21% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ASAN has been the subject of several analyst reports. Royal Bank of Canada reaffirmed an “underperform” rating and set a $10.00 price target on shares of Asana in a research note on Friday, December 6th. JMP Securities set a $22.00 price objective on Asana in a research note on Tuesday, March 11th. 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. UBS Group reduced their price objective on shares of Asana from $18.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Finally, DA Davidson reduced their price objective on Asana from $20.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.67.

Asana Stock Performance

ASAN traded down $0.32 on Monday, hitting $14.57. The company’s stock had a trading volume of 3,235,253 shares, compared to its average volume of 2,658,077. Asana has a 12 month low of $11.05 and a 12 month high of $27.77. The firm has a market cap of $3.39 billion, a P/E ratio of -13.00 and a beta of 1.13. 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’s 50 day simple moving average is $18.97 and its 200-day simple moving average is $16.98.

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.