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

Asana, Inc. (NYSE:ASAN) saw a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 7,190,000 shares, a decline of 37.4% from the February 28th total of 11,480,000 shares. Currently, 8.2% of the shares of the stock are short sold. Based on an average daily volume of 3,660,000 shares, the days-to-cover ratio is currently 2.0 days.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Citigroup raised their price target on shares of Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Scotiabank lowered their target price on Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, March 11th. DA Davidson reduced their price target on Asana from $20.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Royal Bank of Canada restated an “underperform” rating and set a $10.00 price objective on shares of Asana in a research report on Friday, December 6th. Finally, JMP Securities set a $22.00 target price on Asana in a report on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Asana presently has a consensus rating of “Hold” and an average price target of $15.67.

Asana Stock Up 0.5 %

NYSE:ASAN traded up $0.08 on Friday, hitting $14.87. The stock had a trading volume of 2,993,933 shares, compared to its average volume of 2,655,766. The company has a market cap of $3.46 billion, a PE ratio of -13.27 and a beta of 1.13. Asana has a 52 week low of $11.05 and a 52 week high of $27.77. The business’s fifty day moving average is $18.97 and its 200 day moving average is $16.94. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insider Activity at Asana

In related news, COO Anne Raimondi sold 18,775 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $14.03, for a total transaction of $263,413.25. Following the sale, the chief operating officer now owns 716,580 shares in the company, valued at $10,053,617.40. The trade was a 2.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Dustin A. Moskovitz bought 225,000 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was purchased at an average price of $12.91 per share, with a total value of $2,904,750.00. Following the completion of the transaction, the chief executive officer now directly owns 48,123,436 shares of the company’s stock, valued at approximately $621,273,558.76. The trade was a 0.47 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 900,000 shares of company stock valued at $12,735,000 and have sold 739,842 shares valued at $15,155,503. 63.97% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Voya Investment Management LLC raised its holdings in shares of Asana by 8.1% in the 4th quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock worth $254,166,000 after acquiring an additional 937,726 shares during the last quarter. Voloridge Investment Management LLC boosted its position in shares of Asana by 25.6% during the fourth quarter. Voloridge Investment Management LLC now owns 2,149,680 shares of the company’s stock valued at $43,574,000 after buying an additional 438,057 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Asana during the 4th quarter valued at $38,966,000. Geode Capital Management LLC boosted its holdings in Asana by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock worth $21,605,000 after acquiring an additional 12,055 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in Asana by 17.6% during the 4th quarter. First Trust Advisors LP now owns 1,743,981 shares of the company’s stock worth $35,350,000 after acquiring an additional 261,298 shares during the last quarter. 26.21% of the stock is 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.