Connor Clark & Lunn Investment Management Ltd. Cuts Stock Holdings 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. decreased its holdings in shares of Asana, Inc. (NYSE:ASAN - Free Report) by 13.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 505,532 shares of the company's stock after selling 75,675 shares during the quarter. 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 recently modified their holdings of ASAN. Quarry LP bought a new position in Asana in the fourth quarter worth approximately $29,000. Banque Cantonale Vaudoise bought a new position in Asana in the first quarter worth approximately $28,000. State of Tennessee Department of Treasury bought a new position in Asana in the fourth quarter worth approximately $135,000. GAMMA Investing LLC grew its stake in Asana by 5,815.7% in the first quarter. GAMMA Investing LLC now owns 9,820 shares of the company's stock worth $1,430,000 after purchasing an additional 9,654 shares in the last quarter. Finally, 180 Wealth Advisors LLC bought a new position in Asana in the first quarter worth approximately $146,000. Institutional investors own 26.21% of the company's stock.

Insiders Place Their Bets

In other news, CEO Dustin A. Moskovitz bought 225,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was purchased 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 owned 51,711,191 shares in the company, valued at approximately $702,237,973.78. This trade represents a 0.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justin Rosenstein sold 966,576 shares of the company's stock in a transaction on 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 completion of the transaction, the director owned 4,797,091 shares of the company's stock, valued at $72,148,248.64. This represents a 16.77% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 4,356,329 shares of company stock valued at $61,814,565 and have sold 3,033,130 shares valued at $45,552,218. Insiders own 61.28% of the company's stock.

Wall Street Analyst Weigh In

ASAN has been the topic of several recent research reports. JMP Securities reaffirmed a "market outperform" rating and set a $22.00 target price on shares of Asana in a research report on Wednesday, June 4th. KeyCorp reaffirmed a "sector weight" rating on shares of Asana in a research report on Wednesday, June 4th. HSBC reiterated a "reduce" rating and set a $10.00 price objective (down previously from $13.00) on shares of Asana in a report on Wednesday, June 4th. Robert W. Baird increased their price objective on Asana from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Finally, Royal Bank Of Canada reiterated an "underperform" rating and set a $10.00 price objective on shares of Asana in a report on Wednesday, June 4th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $15.97.

Asana Stock Up 0.6%

Shares of Asana stock traded up $0.08 during trading hours on Friday, reaching $13.86. 2,706,943 shares of the company were exchanged, compared to its average volume of 3,862,453. Asana, Inc. has a 1 year low of $11.05 and a 1 year high of $27.77. The stock's fifty day moving average is $14.03 and its 200 day moving average is $16.23. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.47 and a current ratio of 1.47. The firm has a market cap of $3.26 billion, a PE ratio of -13.86 and a beta of 1.14.

Asana (NYSE:ASAN - Get Free Report) last issued its earnings results on Tuesday, June 3rd. The company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.03. The firm had revenue of $187.63 million during 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%. The company's revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.06) earnings per share. As a group, equities research analysts forecast that Asana, Inc. will post -1.09 earnings per share for the current year.

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.