Acorn Financial Advisory Services Inc. ADV Lowers Stake in Asana, Inc. (NYSE:ASAN)

Acorn Financial Advisory Services Inc. ADV trimmed its stake in shares of Asana, Inc. (NYSE:ASAN - Free Report) by 21.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,289 shares of the company's stock after selling 17,019 shares during the quarter. Acorn Financial Advisory Services Inc. ADV's holdings in Asana were worth $1,263,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ASAN. PDT Partners LLC purchased a new position in Asana in the fourth quarter valued at $570,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Asana in the 4th quarter valued at about $1,892,000. Northern Trust Corp raised its position in shares of Asana by 2.3% during the 4th quarter. Northern Trust Corp now owns 811,316 shares of the company's stock worth $16,445,000 after acquiring an additional 18,599 shares in the last quarter. Tudor Investment Corp ET AL purchased a new stake in Asana during the fourth quarter worth approximately $5,396,000. Finally, Quarry LP acquired a new position in Asana in the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 26.21% of the company's stock.

Asana Price Performance

ASAN traded up $0.23 on Wednesday, hitting $16.64. 315,313 shares of the company were exchanged, compared to its average volume of 2,729,485. The business's fifty day moving average is $15.43 and its 200 day moving average is $17.61. Asana, Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $27.77. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a market capitalization of $3.88 billion, a P/E ratio of -14.83 and a beta of 1.21.

Analyst Ratings Changes

ASAN has been the topic of a number of research analyst reports. Bank of America cut their price objective on shares of Asana from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Tuesday, March 11th. Jefferies Financial Group reduced their price target on shares of Asana from $19.00 to $15.00 and set a "hold" rating for the company in a research report on Tuesday, March 11th. Robert W. Baird dropped their price objective on Asana from $23.00 to $13.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. Morgan Stanley cut their target price on Asana from $15.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Finally, JMP Securities set a $22.00 price target on Asana in a research note on Tuesday, March 11th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $15.53.

Insider Buying and Selling

In other Asana news, CEO Dustin A. Moskovitz acquired 225,000 shares of the company's stock in a transaction dated Monday, March 17th. The stock was acquired at an average cost of $14.02 per share, with a total value of $3,154,500.00. Following the purchase, the chief executive officer now directly owns 48,573,436 shares in the company, valued at approximately $680,999,572.72. This trade represents a 0.47 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Justin Rosenstein sold 150,000 shares of the company's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $19.76, for a total value of $2,964,000.00. Following the completion of the sale, the director now directly owns 1,097,309 shares in the company, valued at approximately $21,682,825.84. The trade was a 12.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have bought 2,074,507 shares of company stock worth $30,025,743 and have sold 193,775 shares worth $3,549,663. Insiders own 63.97% of the company's stock.

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.