Algert Global LLC Boosts Stake in Asana, Inc. $ASAN

Key Points

• Algert Global LLC increased its stake in Asana, Inc. by 296.4%, acquiring a total of 425,925 shares valued at approximately $6.2 million as of the latest SEC filing.
• Other institutional investors, including Russell Investments and Vanguard Group, have also boosted their positions in Asana during the first quarter.
• Asana reported a quarterly revenue of $187.63 million, exceeding expectations, along with a reported EPS of $0.05, beating the consensus estimate by $0.03.

Algert Global LLC raised its position in Asana, Inc. (NYSE:ASAN - Free Report) by 296.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 425,925 shares of the company's stock after buying an additional 318,484 shares during the period. Algert Global LLC owned 0.18% of Asana worth $6,206,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its stake in Asana by 146.6% in the 1st quarter. Russell Investments Group Ltd. now owns 117,982 shares of the company's stock valued at $1,727,000 after buying an additional 70,145 shares during the last quarter. Nuveen LLC bought a new position in shares of Asana during the 1st quarter valued at approximately $8,419,000. Deutsche Bank AG grew its position in shares of Asana by 2.6% during the 1st quarter. Deutsche Bank AG now owns 189,698 shares of the company's stock valued at $2,764,000 after acquiring an additional 4,855 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Asana by 6.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 742,272 shares of the company's stock valued at $10,815,000 after acquiring an additional 47,480 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Asana by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 10,656,214 shares of the company's stock valued at $155,261,000 after acquiring an additional 475,100 shares during the period. Hedge funds and other institutional investors own 26.21% of the company's stock.

Insider Buying and Selling at Asana

In other Asana news, Director Justin Rosenstein sold 966,576 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total value of $14,537,303.04. Following the completion of the transaction, the director directly owned 4,797,091 shares of the company's stock, valued at $72,148,248.64. This trade represents a 16.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Dustin A. Moskovitz acquired 225,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were bought at an average cost of $13.58 per share, with a total value of $3,055,500.00. Following the completion of the acquisition, the chief executive officer directly owned 51,711,191 shares in the company, valued at $702,237,973.78. The trade was a 0.44% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 4,356,329 shares of company stock valued at $61,814,565 and sold 3,033,130 shares valued at $45,552,218. 61.28% of the stock is owned by company insiders.

Asana Stock Up 0.6%

ASAN opened at $13.86 on Monday. The company has a 50 day moving average of $14.03 and a 200 day moving average of $16.16. The company has a market cap of $3.26 billion, a PE ratio of -13.86 and a beta of 1.14. Asana, Inc. has a 12 month low of $11.05 and a 12 month high of $27.77. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.16.

Asana (NYSE:ASAN - Get Free Report) last announced its quarterly earnings results on Tuesday, June 3rd. The company reported $0.05 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $187.63 million during the quarter, compared to the consensus estimate of $185.40 million. During the same period last year, the firm earned ($0.06) EPS. The business's quarterly revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts expect that Asana, Inc. will post -1.09 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on ASAN. Scotiabank increased their target price on shares of Asana from $12.00 to $16.50 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Robert W. Baird increased their target price on shares of Asana from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. Bank of America reduced their target price on shares of Asana from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, June 4th. KeyCorp reissued a "sector weight" rating on shares of Asana in a research report on Wednesday, June 4th. Finally, Wall Street Zen downgraded shares of Asana from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $15.97.

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.

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