Asana (NYSE:ASAN) Shares Down 4.3% - Here's Why

Asana, Inc. (NYSE:ASAN - Get Free Report)'s stock price traded down 4.3% on Thursday . The company traded as low as $22.47 and last traded at $22.63. 1,913,544 shares were traded during trading, a decline of 15% from the average session volume of 2,262,676 shares. The stock had previously closed at $23.65.

Analyst Ratings Changes

Several analysts recently issued reports on ASAN shares. Robert W. Baird lifted their price target on shares of Asana from $13.00 to $19.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. KeyCorp upgraded shares of Asana from an "underweight" rating to a "sector weight" rating and set a $10.00 price objective for the company in a report on Friday, December 6th. Jefferies Financial Group upped their target price on shares of Asana from $13.00 to $16.00 and gave the stock a "hold" rating in a report on Friday, December 6th. Scotiabank lifted their price target on Asana from $15.00 to $18.00 and gave the company a "sector perform" rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada reissued an "underperform" rating and issued a $10.00 price objective on shares of Asana in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $16.53.

Asana Price Performance

The stock has a market cap of $5.12 billion, a P/E ratio of -19.97 and a beta of 1.22. The business has a 50 day simple moving average of $15.72 and a 200-day simple moving average of $13.94. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49.

Insider Activity at Asana

In related news, COO Anne Raimondi sold 29,807 shares of the business's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $357,385.93. Following the sale, the chief operating officer now directly owns 761,088 shares in the company, valued at approximately $9,125,445.12. The trade was a 3.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Eleanor B. Lacey sold 4,977 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.79, for a total transaction of $58,678.83. Following the sale, the insider now directly owns 370,333 shares in the company, valued at approximately $4,366,226.07. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,092 shares of company stock worth $527,668. 63.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On Asana

Large investors have recently modified their holdings of the business. Point72 Asset Management L.P. purchased a new position in shares of Asana in the second quarter valued at $17,100,000. Cubist Systematic Strategies LLC bought a new position in Asana in the 2nd quarter worth about $5,169,000. Marshall Wace LLP purchased a new position in Asana during the 2nd quarter valued at about $3,159,000. Susquehanna Fundamental Investments LLC purchased a new position in Asana during the 2nd quarter valued at about $3,050,000. Finally, Holocene Advisors LP increased its position in shares of Asana by 62.2% during the third quarter. Holocene Advisors LP now owns 305,167 shares of the company's stock valued at $3,537,000 after buying an additional 116,998 shares during the period. Hedge funds and other institutional investors own 26.21% of the company's stock.

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.