Insider Buying: Asana, Inc. (NYSE:ASAN) CEO Acquires 225,000 Shares of Stock

Asana, Inc. (NYSE:ASAN - Get Free Report) CEO Dustin A. Moskovitz acquired 225,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were acquired at an average cost of $13.58 per share, with a total value of $3,055,500.00. Following the completion of the purchase, the chief executive officer owned 51,711,191 shares in the company, valued at approximately $702,237,973.78. This represents a 0.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Asana Stock Performance

Asana stock traded up $0.46 during midday trading on Friday, reaching $13.97. 2,421,440 shares of the stock traded hands, compared to its average volume of 2,992,798. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average price of $15.71 and a two-hundred day moving average price of $17.53. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of -13.97 and a beta of 1.13. Asana, Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $27.77.

Asana (NYSE:ASAN - Get Free Report) last issued its quarterly earnings results on Tuesday, June 3rd. The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.03. Asana had a negative net margin of 31.38% and a negative return on equity of 87.78%. The company had revenue of $187.63 million during the quarter, compared to analyst estimates of $185.40 million. During the same period in the prior year, the business posted ($0.06) EPS. The business's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities research analysts forecast that Asana, Inc. will post -1.09 earnings per share for the current year.

Institutional Investors Weigh In On Asana

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its position in shares of Asana by 3.1% during the 1st quarter. Rhumbline Advisers now owns 125,556 shares of the company's stock worth $1,829,000 after buying an additional 3,739 shares during the period. Strs Ohio bought a new stake in shares of Asana in the first quarter worth $195,000. Acadian Asset Management LLC lifted its position in shares of Asana by 8,850.6% in the first quarter. Acadian Asset Management LLC now owns 1,164,378 shares of the company's stock worth $16,950,000 after purchasing an additional 1,151,369 shares in the last quarter. Bayforest Capital Ltd increased its holdings in Asana by 205.9% during the first quarter. Bayforest Capital Ltd now owns 20,614 shares of the company's stock worth $300,000 after buying an additional 13,875 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Asana by 14.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,733 shares of the company's stock worth $3,770,000 after buying an additional 32,708 shares during the last quarter. Institutional investors and hedge funds own 26.21% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ASAN. JMP Securities reiterated a "market outperform" rating and issued a $22.00 price target on shares of Asana in a report on Wednesday, June 4th. DA Davidson dropped their price target 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. Royal Bank Of Canada reissued an "underperform" rating and issued a $10.00 target price on shares of Asana in a research report on Wednesday, June 4th. Morgan Stanley dropped their target price on shares of Asana from $14.00 to $13.00 and set an "underweight" rating for the company in a research report on Wednesday, June 4th. Finally, Robert W. Baird boosted their target price on shares of Asana from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Asana currently has an average rating of "Hold" and an average target price of $15.97.

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.