Insider Selling: Asana (NYSE:ASAN) CFO Sells $123,906.54 in Stock

Asana, Inc. (NYSE:ASAN) CFO Sonalee Elizabeth Parekh sold 18,717 shares of Asana stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $6.62, for a total value of $123,906.54. Following the sale, the chief financial officer directly owned 915,281 shares of the company’s stock, valued at approximately $6,059,160.22. This represents a 2.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Sonalee Elizabeth Parekh also recently made the following trade(s):

• On Friday, March 20th, Sonalee Elizabeth Parekh sold 34,151 shares of Asana stock. The shares were sold at an average price of $6.65, for a total value of $227,104.15.

Asana Stock Performance

Shares of ASAN stock opened at $6.19 on Friday. Asana, Inc. has a fifty-two week low of $5.87 and a fifty-two week high of $19.00. The firm has a market capitalization of $1.47 billion, a PE ratio of -7.73 and a beta of 1.01. The stock’s 50-day simple moving average is $8.11 and its 200-day simple moving average is $11.69.

Asana (NYSE:ASAN) last released its earnings results on Monday, March 2nd. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $205.57 million during the quarter, compared to the consensus estimate of $205.13 million. Asana had a negative return on equity of 77.05% and a negative net margin of 23.90%.The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. Sell-side analysts forecast that Asana, Inc. will post -1.09 earnings per share for the current year.

Hedge Funds Weigh In On Asana

A number of large investors have recently bought and sold shares of ASAN. Arrowstreet Capital Limited Partnership grew its holdings in Asana by 104.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 4,160,975 shares of the company’s stock valued at $56,173,000 after purchasing an additional 2,126,683 shares during the period. Jupiter Asset Management Ltd. raised its stake in shares of Asana by 705.6% during the 4th quarter. Jupiter Asset Management Ltd. now owns 1,374,891 shares of the company’s stock worth $18,850,000 after buying an additional 1,204,232 shares during the period. Marshall Wace LLP raised its stake in shares of Asana by 594.9% during the 2nd quarter. Marshall Wace LLP now owns 1,285,583 shares of the company’s stock worth $17,355,000 after buying an additional 1,100,575 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Asana by 53.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,791,902 shares of the company’s stock valued at $38,277,000 after buying an additional 977,107 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in Asana by 94.7% in the 4th quarter. Federated Hermes Inc. now owns 804,743 shares of the company’s stock valued at $11,033,000 after acquiring an additional 391,412 shares during the period. Institutional investors and hedge funds own 26.21% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on ASAN. Citigroup dropped their price objective on shares of Asana from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. KeyCorp reduced their target price on shares of Asana from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, March 3rd. Robert W. Baird decreased their target price on shares of Asana from $16.00 to $9.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Wall Street Zen raised shares of Asana from a “hold” rating to a “buy” rating in a report on Sunday, January 11th. Finally, Piper Sandler cut their price target on Asana from $14.00 to $9.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have assigned a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $12.46.

About Asana

Asana, Inc (NYSE: ASAN) is a leading provider of work management and collaboration software designed to help teams organize, track and manage their work. Founded in 2008 by Dustin Moskovitz and Justin Rosenstein, Asana’s platform enables users to create projects, assign tasks, set deadlines and visualize progress across diverse workflows. The company’s cloud-based solution includes customizable project templates, timeline views, boards and automated rules that streamline routine processes and reduce manual effort.

Built for both small teams and large enterprises, Asana supports integrations with a wide array of third-party applications, including communication tools, file-sharing services and DevOps platforms.