Bank of New York Mellon Corp Sells 233,748 Shares of Asana, Inc. (NYSE:ASAN)

Bank of New York Mellon Corp lowered its holdings in shares of Asana, Inc. (NYSE:ASAN - Free Report) by 29.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 571,901 shares of the company's stock after selling 233,748 shares during the period. Bank of New York Mellon Corp owned about 0.25% of Asana worth $8,333,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ASAN. Raymond James Financial Inc. purchased a new stake in shares of Asana during the fourth quarter worth about $1,352,000. Teacher Retirement System of Texas purchased a new stake in shares of Asana during the fourth quarter worth about $1,310,000. Sei Investments Co. purchased a new stake in shares of Asana during the fourth quarter worth about $585,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Asana during the fourth quarter worth about $371,000. Finally, LPL Financial LLC grew its holdings in shares of Asana by 81.9% during the fourth quarter. LPL Financial LLC now owns 42,752 shares of the company's stock worth $867,000 after buying an additional 19,255 shares in the last quarter. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ASAN. Bank of America lowered their target price on shares of Asana from $23.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, June 4th. Royal Bank Of Canada restated an "underperform" rating and issued a $10.00 target price on shares of Asana in a report on Wednesday, June 4th. HSBC restated a "reduce" rating and issued a $10.00 target price (down from $13.00) on shares of Asana in a report on Wednesday, June 4th. JMP Securities restated a "market outperform" rating and issued a $22.00 target price on shares of Asana in a report on Wednesday, June 4th. Finally, Wall Street Zen upgraded shares of Asana from a "hold" rating to a "buy" rating in a report on Friday, June 6th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Asana presently has a consensus rating of "Hold" and a consensus target price of $15.97.

Insider Activity

In related news, Director Justin Rosenstein sold 729,228 shares of Asana stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $15.08, for a total value of $10,996,758.24. Following the completion of the sale, the director directly owned 4,067,863 shares in the company, valued at $61,343,374.04. This trade represents a 15.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dustin A. Moskovitz acquired 225,000 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was purchased at an average price of $15.04 per share, with a total value of $3,384,000.00. Following the completion of the transaction, the director owned 54,405,999 shares of the company's stock, valued at approximately $818,266,224.96. This trade represents a 0.42% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 2,332,563 shares of company stock worth $33,400,904 and sold 2,175,665 shares worth $32,670,537. 61.28% of the stock is currently owned by corporate insiders.

Asana Stock Performance

ASAN stock traded down $0.05 during midday trading on Friday, hitting $14.90. 2,437,872 shares of the company traded hands, compared to its average volume of 3,249,753. Asana, Inc. has a twelve month low of $11.05 and a twelve month high of $27.77. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.16. The business has a 50 day simple moving average of $14.98 and a 200-day simple moving average of $16.79. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of -14.90 and a beta of 1.13.

Asana (NYSE:ASAN - Get Free Report) last announced its quarterly earnings data on Tuesday, June 3rd. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.03. The business 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 quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.06) earnings per share. As a group, equities research analysts predict that Asana, Inc. will post -1.09 earnings per share for the current year.

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.