Acorn Financial Advisory Services Inc. ADV Has $1.26 Million Stake in Asana, Inc. (NYSE:ASAN)

Acorn Financial Advisory Services Inc. ADV lowered its stake in shares of Asana, Inc. (NYSE:ASAN - Free Report) by 21.5% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 62,289 shares of the company's stock after selling 17,019 shares during the period. Acorn Financial Advisory Services Inc. ADV's holdings in Asana were worth $1,263,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Arrowstreet Capital Limited Partnership acquired a new stake in Asana during the fourth quarter worth $38,966,000. Paradice Investment Management LLC acquired a new position in shares of Asana in the 4th quarter worth approximately $22,507,000. Voya Investment Management LLC boosted its stake in Asana by 8.1% in the 4th quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company's stock valued at $254,166,000 after buying an additional 937,726 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Asana during the fourth quarter worth $11,781,000. Finally, Trexquant Investment LP acquired a new position in Asana in the fourth quarter valued at about $11,391,000. Institutional investors own 26.21% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ASAN shares. Robert W. Baird decreased their target price on Asana from $23.00 to $13.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. Bank of America decreased their price target on shares of Asana from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Tuesday, March 11th. Scotiabank dropped their price objective on shares of 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 objective on shares of Asana from $20.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. Finally, Jefferies Financial Group reduced their price target on Asana from $19.00 to $15.00 and set a "hold" rating on the stock in a research 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 given a buy rating to the company's stock. According to data from MarketBeat, Asana presently has a consensus rating of "Hold" and a consensus target price of $15.53.

Asana Trading Down 0.5 %

Shares of ASAN stock opened at $16.06 on Friday. The firm has a 50 day moving average price of $15.61 and a two-hundred day moving average price of $17.49. The company has a market capitalization of $3.74 billion, a PE ratio of -14.34 and a beta of 1.23. Asana, Inc. has a 12-month low of $11.05 and a 12-month high of $27.77. 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

In other Asana news, Director Justin Rosenstein sold 150,000 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $19.76, for a total transaction of $2,964,000.00. Following the sale, the director now owns 1,097,309 shares of the company's stock, valued at approximately $21,682,825.84. The trade was a 12.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Dustin A. Moskovitz acquired 225,000 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were purchased at an average cost of $14.02 per share, for a total transaction of $3,154,500.00. Following the acquisition, the chief executive officer now owns 48,573,436 shares in the company, valued at $680,999,572.72. This represents a 0.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 2,074,507 shares of company stock worth $30,025,743 and sold 389,842 shares worth $7,820,003. 63.97% of the stock is owned by company insiders.

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.

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