Twinbeech Capital LP Takes Position in Asana, Inc. (NYSE:ASAN)

Twinbeech Capital LP bought a new position in shares of Asana, Inc. (NYSE:ASAN - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 80,771 shares of the company's stock, valued at approximately $1,637,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Virtu Financial LLC purchased a new stake in Asana in the fourth quarter valued at approximately $2,349,000. Meeder Asset Management Inc. increased its stake in shares of Asana by 49.2% in the fourth quarter. Meeder Asset Management Inc. now owns 77,576 shares of the company's stock worth $1,572,000 after buying an additional 25,564 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Asana by 7.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 694,792 shares of the company's stock worth $14,083,000 after buying an additional 48,831 shares during the period. Teacher Retirement System of Texas bought a new stake in Asana in the fourth quarter valued at $1,310,000. Finally, Barclays PLC boosted its holdings in Asana by 103.0% in the third quarter. Barclays PLC now owns 165,753 shares of the company's stock valued at $1,920,000 after acquiring an additional 84,114 shares in the last quarter. 26.21% of the stock is owned by hedge funds and other institutional investors.

Asana Stock Up 1.6%

Asana stock traded up $0.29 during mid-day trading on Tuesday, reaching $17.76. The stock had a trading volume of 483,688 shares, compared to its average volume of 2,786,640. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of -15.85 and a beta of 1.21. The company has a 50-day moving average price of $15.90 and a two-hundred day moving average price of $18.14. Asana, Inc. has a one year low of $11.05 and a one year high of $27.77. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49.

Wall Street Analyst Weigh In

ASAN has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut their price target on shares of Asana from $15.00 to $13.00 and set an "underweight" rating on the stock in a report on Tuesday, March 11th. Bank of America dropped their target price on shares of Asana from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Tuesday, March 11th. Jefferies Financial Group dropped their target price on shares of Asana from $19.00 to $15.00 and set a "hold" rating on the stock in a report on Tuesday, March 11th. DA Davidson dropped their target price on shares of Asana from $20.00 to $12.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. Finally, Piper Sandler dropped their target price on shares of Asana from $18.00 to $17.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. 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. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $15.53.

Insider Buying and Selling

In other Asana news, CEO Dustin A. Moskovitz bought 225,000 shares of the firm's stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $12.91 per share, with a total value of $2,904,750.00. Following the transaction, the chief executive officer now owns 48,123,436 shares in the company, valued at $621,273,558.76. This represents a 0.47% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Anne Raimondi sold 18,775 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $14.03, for a total transaction of $263,413.25. Following the transaction, the chief operating officer now owns 716,580 shares in the company, valued at $10,053,617.40. This represents a 2.55% decrease in their position. The disclosure for this sale can be found here. Insiders have bought a total of 2,074,507 shares of company stock worth $30,025,743 in the last quarter. Corporate insiders own 61.28% of the company's stock.

Asana 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.