Connor Clark & Lunn Investment Management Ltd. Cuts Position in Asana, Inc. (NYSE:ASAN)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its position in Asana, Inc. by 13.0%, selling 75,675 shares and holding 505,532 shares, valued at $7,366,000.
• Asana's Director Justin Rosenstein sold 517,635 shares at an average price of $15.04, resulting in a significant decrease in his ownership stake.
• Analysts have mixed sentiments on Asana, with HSBC and the Royal Bank of Canada issuing "reduce" and "underperform" ratings, while JMP Securities maintains a "market outperform" rating with a price target of $22.00.

Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of Asana, Inc. (NYSE:ASAN - Free Report) by 13.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 505,532 shares of the company's stock after selling 75,675 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.22% of Asana worth $7,366,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ASAN. Vident Advisory LLC purchased a new position in Asana during the fourth quarter worth about $460,000. Ameriprise Financial Inc. bought a new stake in shares of Asana in the fourth quarter valued at approximately $352,000. Brooklyn FI LLC bought a new stake in shares of Asana in the fourth quarter valued at approximately $8,138,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Asana during the 1st quarter worth approximately $285,000. Finally, Allianz Asset Management GmbH increased its holdings in Asana by 187.6% during the 1st quarter. Allianz Asset Management GmbH now owns 43,290 shares of the company's stock worth $638,000 after acquiring an additional 28,239 shares during the period. Institutional investors own 26.21% of the company's stock.

Asana Stock Performance

ASAN traded up $0.21 during trading on Friday, reaching $13.99. 1,730,875 shares of the company's stock were exchanged, compared to its average volume of 3,445,684. The stock has a market capitalization of $3.29 billion, a P/E ratio of -13.98 and a beta of 1.14. Asana, Inc. has a 1 year low of $11.05 and a 1 year high of $27.77. The company's fifty day simple moving average is $14.05 and its 200-day simple moving average is $16.29. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.47 and a quick ratio of 1.47.

Asana (NYSE:ASAN - Get Free Report) last released its earnings results on Tuesday, June 3rd. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.03. The business had revenue of $187.63 million during the quarter, compared to analyst estimates of $185.40 million. Asana had a negative net margin of 31.38% and a negative return on equity of 87.78%. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. As a group, research analysts predict that Asana, Inc. will post -1.09 earnings per share for the current fiscal year.

Insider Transactions at Asana

In other Asana news, Director Justin Rosenstein sold 966,576 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $14,537,303.04. Following the sale, the director directly owned 4,797,091 shares in the company, valued at $72,148,248.64. This represents a 16.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Dustin A. Moskovitz purchased 225,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were acquired at an average price of $13.58 per share, for a total transaction of $3,055,500.00. Following the completion of the purchase, the chief executive officer directly owned 51,711,191 shares of the company's stock, valued at approximately $702,237,973.78. This trade represents a 0.44% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 3,906,468 shares of company stock worth $55,644,714 and sold 3,033,130 shares worth $45,552,218. Corporate insiders own 61.28% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Jefferies Financial Group upped their target price on shares of Asana from $15.00 to $17.00 and gave the stock a "hold" rating in a report on Wednesday, June 4th. Morgan Stanley dropped their target price on shares of Asana from $14.00 to $13.00 and set an "underweight" rating for the company in a research report on Wednesday, June 4th. UBS Group raised their price objective on shares of Asana from $14.00 to $18.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. KeyCorp reaffirmed a "sector weight" rating on shares of Asana in a report on Wednesday, June 4th. Finally, HSBC reaffirmed a "reduce" rating and set a $10.00 price target (down previously from $13.00) on shares of Asana in a report on Wednesday, June 4th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $15.97.

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.