Asana, Inc. (NYSE:ASAN) Director Sells $7,785,230.40 in Stock

Key Points

• Justin Rosenstein, a director at Asana, sold 517,635 shares of the company's stock for about $7.78 million, reducing his ownership by 13.88% to approximately 3.21 million shares.
• Asana's stock traded at $15.33 recently, with a 52-week range between $11.05 and $27.77, showing volatility in its market performance.
• The company reported a profit of $0.05 per share for the recent quarter, exceeding analyst expectations, with revenue reaching $187.63 million, an 8.6% increase year-over-year.

Asana, Inc. (NYSE:ASAN - Get Free Report) Director Justin Rosenstein sold 517,635 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $15.04, for a total transaction of $7,785,230.40. Following the sale, the director owned 3,210,398 shares of the company's stock, valued at $48,284,385.92. This trade represents a 13.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Justin Rosenstein also recently made the following trade(s):

• On Friday, July 25th, Justin Rosenstein sold 223,894 shares of Asana stock. The shares were sold at an average price of $14.98, for a total transaction of $3,353,932.12.
• On Thursday, July 24th, Justin Rosenstein sold 115,936 shares of Asana stock. The shares were sold at an average price of $15.03, for a total transaction of $1,742,518.08.
• On Wednesday, July 23rd, Justin Rosenstein sold 729,228 shares of Asana stock. The stock was sold at an average price of $15.08, for a total transaction of $10,996,758.24.
• On Tuesday, July 22nd, Justin Rosenstein sold 966,576 shares of Asana stock. The stock was sold at an average price of $15.04, for a total value of $14,537,303.04.
• On Monday, July 21st, Justin Rosenstein sold 195,131 shares of Asana stock. The stock was sold at an average price of $15.01, for a total value of $2,928,916.31.
• On Friday, July 18th, Justin Rosenstein sold 226,600 shares of Asana stock. The stock was sold at an average price of $14.99, for a total transaction of $3,396,734.00.
• On Thursday, July 10th, Justin Rosenstein sold 25,000 shares of Asana stock. The stock was sold at an average price of $14.95, for a total value of $373,750.00.

Asana Stock Performance

ASAN traded down $0.66 during trading on Friday, hitting $14.02. The company's stock had a trading volume of 3,889,131 shares, compared to its average volume of 3,332,015. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.16. Asana, Inc. has a one year low of $11.05 and a one year high of $27.77. The firm has a market cap of $3.30 billion, a PE ratio of -14.02 and a beta of 1.14. The business's 50 day simple moving average is $14.71 and its 200-day simple moving average is $16.64.

Asana (NYSE:ASAN - Get Free Report) last announced its quarterly earnings results on Tuesday, June 3rd. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.03. The company had revenue of $187.63 million for the quarter, compared to the consensus estimate of $185.40 million. Asana had a negative net margin of 31.38% and a negative return on equity of 87.78%. Asana's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) EPS. As a group, sell-side analysts predict that Asana, Inc. will post -1.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. JPMorgan Chase & Co. raised their target price on Asana from $13.00 to $14.00 and gave the company an "underweight" rating in a research note on Wednesday, June 4th. KeyCorp restated a "sector weight" rating on shares of Asana in a research note on Wednesday, June 4th. UBS Group raised their target price on Asana from $14.00 to $18.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Wall Street Zen upgraded Asana from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Finally, Piper Sandler raised their target price on Asana from $17.00 to $19.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $15.97.

Hedge Funds Weigh In On Asana

A number of large investors have recently made changes to their positions in ASAN. Bogart Wealth LLC purchased a new stake in Asana in the 2nd quarter valued at about $27,000. Banque Cantonale Vaudoise purchased a new stake in Asana in the 1st quarter valued at about $28,000. Quarry LP purchased a new stake in Asana in the 4th quarter valued at about $29,000. AlphaQuest LLC boosted its position in Asana by 825.1% in the 1st quarter. AlphaQuest LLC now owns 2,470 shares of the company's stock valued at $36,000 after buying an additional 2,203 shares during the period. Finally, State of Tennessee Department of Treasury purchased a new stake in Asana in the 4th quarter valued at about $135,000. 26.21% of the stock is owned by hedge funds and other 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.