Asana, Inc. (NYSE:ASAN) Sees Significant Growth in Short Interest

Asana, Inc. (NYSE:ASAN) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 13,510,000 shares, an increase of 7.4% from the May 31st total of 12,580,000 shares. Based on an average daily volume of 2,080,000 shares, the days-to-cover ratio is presently 6.5 days. Currently, 16.6% of the shares of the company are sold short.

Asana Price Performance

Shares of ASAN stock traded down $0.47 on Tuesday, reaching $13.52. The company had a trading volume of 1,684,680 shares, compared to its average volume of 2,104,498. The business’s 50-day moving average is $14.12 and its 200 day moving average is $16.28. Asana has a one year low of $11.29 and a one year high of $24.81. The stock has a market capitalization of $3.08 billion, a PE ratio of -11.56 and a beta of 1.16. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.13.

Asana (NYSE:ASAN) last posted its quarterly earnings data on Thursday, May 30th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. The business had revenue of $172.45 million during the quarter, compared to the consensus estimate of $168.53 million. Asana had a negative return on equity of 77.48% and a negative net margin of 38.55%. Equities research analysts forecast that Asana will post -1.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ASAN. JMP Securities reiterated a “market outperform” rating and set a $27.00 target price on shares of Asana in a research report on Friday, May 31st. UBS Group reduced their target price on Asana from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Friday, May 24th. Citigroup lowered their price target on Asana from $17.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Oppenheimer decreased their price objective on shares of Asana from $28.00 to $23.00 and set an “outperform” rating for the company in a report on Friday, May 31st. Finally, KeyCorp lowered their target price on shares of Asana from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Friday, May 31st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $18.33.

Insider Transactions at Asana

In other Asana news, insider Eleanor B. Lacey sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $102,960.00. Following the completion of the sale, the insider now owns 389,149 shares in the company, valued at approximately $4,451,864.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Asana news, COO Anne Raimondi sold 26,588 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $304,166.72. Following the transaction, the chief operating officer now directly owns 790,894 shares in the company, valued at $9,047,827.36. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Eleanor B. Lacey sold 9,000 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total value of $102,960.00. Following the completion of the sale, the insider now owns 389,149 shares of the company’s stock, valued at $4,451,864.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 89,443 shares of company stock worth $1,101,976. 63.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Asana

Institutional investors and hedge funds have recently modified their holdings of the business. Edmond DE Rothschild Holding S.A. raised its stake in Asana by 26.2% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 3,225 shares of the company’s stock worth $61,000 after buying an additional 669 shares during the period. Headlands Technologies LLC bought a new position in shares of Asana in the 4th quarter worth $147,000. Victory Capital Management Inc. acquired a new stake in Asana in the 4th quarter valued at $197,000. International Assets Investment Management LLC bought a new stake in Asana during the 4th quarter valued at $199,000. Finally, Retirement Planning Co of New England Inc. acquired a new position in Asana during the first quarter worth $164,000. 26.21% of the stock is currently owned by institutional investors.

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.