Asana (NYSE:ASAN) Trading Down 4.3% – Should You Sell?

Shares of Asana, Inc. (NYSE:ASAN) were down 4.3% on Thursday . The stock traded as low as $22.47 and last traded at $22.63. Approximately 1,913,544 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 2,262,676 shares. The stock had previously closed at $23.65.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Royal Bank of Canada restated an “underperform” rating and set a $10.00 target price on shares of Asana in a research report on Friday, December 6th. JPMorgan Chase & Co. boosted their target price on shares of Asana from $13.00 to $15.00 and gave the company an “underweight” rating in a research note on Friday, December 6th. Scotiabank increased their target price on shares of Asana from $15.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Friday, December 6th. Jefferies Financial Group boosted their price target on shares of Asana from $13.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Finally, Robert W. Baird upped their price objective on shares of Asana from $13.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $16.53.

Asana Stock Performance

The firm has a fifty day moving average of $15.91 and a 200-day moving average of $14.00. 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 firm has a market cap of $4.96 billion, a P/E ratio of -19.36 and a beta of 1.22.

Insider Activity

In other news, insider Eleanor B. Lacey sold 4,977 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.79, for a total value of $58,678.83. Following the completion of the sale, the insider now directly owns 370,333 shares of the company’s stock, valued at $4,366,226.07. This represents a 1.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

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

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.