Asana (NYSE:ASAN) Sees Strong Trading Volume on Analyst Upgrade

Asana, Inc. (NYSE:ASAN) saw unusually-high trading volume on Monday after Scotiabank raised their price target on the stock from $15.00 to $18.00. Scotiabank currently has a sector perform rating on the stock. Approximately 4,241,778 shares traded hands during mid-day trading, an increase of 102% from the previous session’s volume of 2,097,605 shares.The stock last traded at $25.19 and had previously closed at $22.19.

Several other equities research analysts have also recently issued reports on the stock. KeyCorp raised shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price target on the stock in a research note on Friday, December 6th. Robert W. Baird lifted their price objective on Asana from $13.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Oppenheimer increased their target price on Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. DA Davidson upped their price objective 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. Finally, Morgan Stanley raised their target price on shares of Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $16.53.

Insider Transactions at Asana

In related news, COO Anne Raimondi sold 29,807 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $357,385.93. Following the completion of the transaction, the chief operating officer now directly owns 761,088 shares in the company, valued at $9,125,445.12. This represents a 3.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eleanor B. Lacey sold 9,308 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $111,602.92. Following the completion of the sale, the insider now owns 375,310 shares in the company, valued at $4,499,966.90. The trade was a 2.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,092 shares of company stock valued at $527,668. Insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Asana by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock worth $21,605,000 after buying an additional 12,055 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Asana during the 2nd quarter worth about $17,100,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Asana in the 2nd quarter worth approximately $5,169,000. Holocene Advisors LP lifted its position in Asana by 62.2% in the third quarter. Holocene Advisors LP now owns 305,167 shares of the company’s stock worth $3,537,000 after purchasing an additional 116,998 shares during the period. Finally, Marshall Wace LLP bought a new position in Asana during the 2nd quarter valued at $3,159,000. Institutional investors own 26.21% of the company’s stock.

Asana Trading Down 5.9 %

The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market capitalization of $5.34 billion, a price-to-earnings ratio of -22.21 and a beta of 1.22. The business has a fifty day moving average of $13.64 and a 200-day moving average of $13.34.

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.