Balyasny Asset Management L.P. Invests $458,000 in Asana, Inc. (NYSE:ASAN)

Balyasny Asset Management L.P. acquired a new stake in Asana, Inc. (NYSE:ASAN - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 22,614 shares of the company's stock, valued at approximately $458,000.

Several other large investors have also recently added to or reduced their stakes in the business. Barclays PLC grew its position in shares of Asana by 103.0% during the third quarter. Barclays PLC now owns 165,753 shares of the company's stock worth $1,920,000 after buying an additional 84,114 shares in the last quarter. Empirical Asset Management LLC purchased a new position in Asana in the fourth quarter worth approximately $218,000. Krilogy Financial LLC acquired a new position in Asana during the 4th quarter worth approximately $280,000. Blue Trust Inc. grew its holdings in Asana by 1,934.8% during the 4th quarter. Blue Trust Inc. now owns 21,081 shares of the company's stock worth $427,000 after acquiring an additional 20,045 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Asana by 58.8% in the 4th quarter. KBC Group NV now owns 5,612 shares of the company's stock valued at $114,000 after purchasing an additional 2,078 shares during the last quarter. 26.21% of the stock is owned by hedge funds and other institutional investors.

Asana Stock Performance

Shares of ASAN stock traded up $0.59 during trading hours on Thursday, hitting $17.49. The stock had a trading volume of 364,989 shares, compared to its average volume of 2,774,968. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a market capitalization of $4.08 billion, a PE ratio of -15.61 and a beta of 1.21. The stock's 50 day moving average is $15.69 and its 200 day moving average is $17.99. Asana, Inc. has a twelve month low of $11.05 and a twelve month high of $27.77.

Insider Activity

In related news, Director Justin Rosenstein sold 25,000 shares of the business's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $12.89, for a total value of $322,250.00. Following the transaction, the director now owns 922,309 shares in the company, valued at $11,888,563.01. The trade was a 2.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Dustin A. Moskovitz acquired 50,000 shares of Asana stock in a transaction on Tuesday, April 15th. The shares were bought at an average cost of $15.84 per share, with a total value of $792,000.00. Following the completion of the purchase, the chief executive officer now owns 51,398,436 shares in the company, valued at $814,151,226.24. The trade was a 0.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 2,074,507 shares of company stock valued at $30,025,743 and have sold 193,775 shares valued at $3,549,663. Corporate insiders own 61.28% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on ASAN. Piper Sandler decreased their price objective on shares of Asana from $18.00 to $17.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Scotiabank decreased their price target on Asana from $18.00 to $12.00 and set a "sector perform" rating for the company in a report on Tuesday, March 11th. Bank of America lowered their price objective on Asana from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Tuesday, March 11th. JMP Securities set a $22.00 price objective on Asana in a report on Tuesday, March 11th. Finally, Jefferies Financial Group decreased their target price on Asana from $19.00 to $15.00 and set a "hold" rating for the company in a research note on Tuesday, March 11th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Asana presently has an average rating of "Hold" and a consensus price target of $15.53.

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.