Asana, Inc. (NYSE:ASAN) Short Interest Update

Asana, Inc. (NYSE:ASAN) was the target of a significant 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. Approximately 14.1% of the shares of the company are sold short. Based on an average trading volume of 1,990,000 shares, the short-interest ratio is currently 5.6 days.

Asana Price Performance

Shares of ASAN opened at $13.71 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.80 and a current ratio of 1.80. The company has a 50 day moving average price of $16.92 and a 200-day moving average price of $18.32. Asana has a fifty-two week low of $13.43 and a fifty-two week high of $26.27. The stock has a market capitalization of $3.08 billion, a PE ratio of -11.72 and a beta of 1.22.

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

Insiders Place Their Bets

In other news, insider Eleanor B. Lacey sold 4,462 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $15.47, for a total value of $69,027.14. Following the completion of the sale, the insider now directly owns 220,739 shares in the company, valued at approximately $3,414,832.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Asana news, CFO Tim M. Wan sold 10,105 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $15.38, for a total value of $155,414.90. Following the completion of the transaction, the chief financial officer now directly owns 753,888 shares in the company, valued at $11,594,797.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Eleanor B. Lacey sold 4,462 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $15.47, for a total value of $69,027.14. Following the sale, the insider now owns 220,739 shares of the company’s stock, valued at approximately $3,414,832.33. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 31,733 shares of company stock worth $488,886. Company insiders own 63.26% of the company’s stock.

Institutional Investors Weigh In On Asana

A number of institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC lifted its position 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 valued at $26,000 after buying an additional 791 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Asana in the third quarter valued at approximately $27,000. FMR LLC boosted its stake in Asana by 120.4% in the second quarter. FMR LLC now owns 1,578 shares of the company’s stock valued at $28,000 after acquiring an additional 862 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Asana by 765.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,829 shares of the company’s stock worth $39,000 after purchasing an additional 2,502 shares during the last quarter. Finally, KBC Group NV acquired a new position in shares of Asana during the fourth quarter worth $41,000. Institutional investors own 26.21% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.