Asana (NYSE:ASAN) Stock Price Up 12.4% – Should You Buy?

Asana, Inc. (NYSE:ASAN)’s stock price shot up 12.4% on Monday . The company traded as high as $21.31 and last traded at $22.08. 1,017,883 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 2,668,694 shares. The stock had previously closed at $19.65.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Jefferies Financial Group raised their target price on shares of Asana from $16.00 to $19.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Scotiabank boosted their price target on Asana from $15.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Friday, December 6th. JMP Securities raised their price objective on Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. increased their price objective on shares of Asana from $13.00 to $15.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and issued a $10.00 price target on shares of Asana in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $17.73.

Asana Trading Up 7.7 %

The firm has a market capitalization of $4.84 billion, a PE ratio of -18.95 and a beta of 1.10. The business has a fifty day moving average price of $19.66 and a two-hundred day moving average price of $15.30. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insider Activity at Asana

In other news, COO Anne Raimondi sold 27,233 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the sale, the chief operating officer now owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. This represents a 3.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 63.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. KBC Group NV increased its holdings in Asana by 52.1% in the third quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after buying an additional 1,211 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Asana by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,096 shares of the company’s stock valued at $687,000 after acquiring an additional 1,888 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Asana by 16.1% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 16,974 shares of the company’s stock worth $197,000 after acquiring an additional 2,350 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Asana by 20.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,481 shares of the company’s stock worth $237,000 after purchasing an additional 3,436 shares during the last quarter. Finally, Quest Partners LLC purchased a new position in Asana in the third quarter valued at approximately $43,000. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

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.