Bank of America Corp DE Lowers Holdings in Asana, Inc. (NYSE:ASAN)

Bank of America Corp DE cut its holdings in shares of Asana, Inc. (NYSE:ASAN - Free Report) by 71.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 151,267 shares of the company's stock after selling 386,125 shares during the period. Bank of America Corp DE owned about 0.07% of Asana worth $3,066,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Quarry LP acquired a new position in Asana during the fourth quarter worth $29,000. Bogart Wealth LLC bought a new position in shares of Asana in the fourth quarter valued at approximately $61,000. SBI Securities Co. Ltd. purchased a new position in shares of Asana during the fourth quarter valued at approximately $82,000. KBC Group NV boosted its holdings in Asana by 58.8% during the 4th quarter. KBC Group NV now owns 5,612 shares of the company's stock worth $114,000 after acquiring an additional 2,078 shares during the last quarter. Finally, State of Tennessee Department of Treasury bought a new stake in shares of Asana in the 4th quarter worth $135,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Robert W. Baird raised their target price on Asana from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Wednesday. Bank of America cut their price target on Asana from $23.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday. Royal Bank of Canada restated an "underperform" rating and set a $10.00 price target on shares of Asana in a research note on Wednesday. JPMorgan Chase & Co. dropped their target price on Asana from $15.00 to $13.00 and set an "underweight" rating on the stock in a research report on Tuesday, March 11th. Finally, DA Davidson reduced their price target on Asana from $20.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Asana has an average rating of "Hold" and a consensus price target of $15.93.

Insider Activity at Asana

In other news, CEO Dustin A. Moskovitz purchased 50,000 shares of the stock in a transaction dated Tuesday, April 15th. The shares were acquired at an average cost of $15.84 per share, for a total transaction of $792,000.00. Following the acquisition, the chief executive officer now owns 51,398,436 shares of the company's stock, valued at approximately $814,151,226.24. This represents a 0.10% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justin Rosenstein sold 25,000 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $12.89, for a total transaction of $322,250.00. Following the transaction, the director now owns 922,309 shares in the company, valued at approximately $11,888,563.01. This trade represents a 2.64% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 2,074,507 shares of company stock valued at $30,025,743. 61.28% of the stock is owned by corporate insiders.

Asana Trading Down 17.0%

Shares of NYSE ASAN traded down $3.23 during trading hours on Wednesday, hitting $15.77. The company's stock had a trading volume of 7,071,915 shares, compared to its average volume of 2,801,095. Asana, Inc. has a 12 month low of $11.05 and a 12 month high of $27.77. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of -14.08 and a beta of 1.23. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. The business has a 50-day simple moving average of $16.31 and a 200-day simple moving average of $18.28.

Asana (NYSE:ASAN - Get Free Report) last posted its quarterly earnings data on Tuesday, June 3rd. The company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.03. The company had revenue of $187.63 million during the quarter, compared to analyst estimates of $185.40 million. Asana had a negative return on equity of 86.84% and a negative net margin of 36.17%. The firm's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.06) EPS. On average, analysts anticipate that Asana, Inc. will post -1.09 earnings per share for the current fiscal 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.