32,731 Shares in Asana, Inc. (NYSE:ASAN) Acquired by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. has invested approximately $477,000 in Asana, Inc. by acquiring 32,731 shares in the first quarter, as disclosed in its SEC filing.
• Asana's stock has seen mixed reviews from analysts, with price target adjustments ranging from a drop by Bank of America to an increase by Scotiabank.
• In terms of insider trading, Director Justin Rosenstein sold a significant number of shares while CEO Dustin A. Moskovitz increased his holdings, indicating varying confidence levels among executives.

Federated Hermes Inc. bought a new position in shares of Asana, Inc. (NYSE:ASAN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 32,731 shares of the company's stock, valued at approximately $477,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ASAN. Vident Advisory LLC acquired a new stake in Asana in the 4th quarter worth about $460,000. Ameriprise Financial Inc. acquired a new position in Asana during the fourth quarter worth approximately $352,000. Brooklyn FI LLC acquired a new position in Asana during the fourth quarter worth approximately $8,138,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Asana during the first quarter worth approximately $285,000. Finally, Allianz Asset Management GmbH increased its position in Asana by 187.6% during the first quarter. Allianz Asset Management GmbH now owns 43,290 shares of the company's stock worth $638,000 after purchasing an additional 28,239 shares during the last quarter. Institutional investors and hedge funds own 26.21% of the company's stock.

Insider Transactions at Asana

In other Asana news, Director Justin Rosenstein sold 517,635 shares of the business's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $15.04, for a total transaction of $7,785,230.40. Following the sale, the director directly owned 3,210,398 shares in the company, valued at approximately $48,284,385.92. The trade was a 13.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dustin A. Moskovitz purchased 223,905 shares of the company's stock in a transaction on Thursday, August 7th. The shares were bought at an average price of $14.10 per share, for a total transaction of $3,157,060.50. Following the completion of the transaction, the director directly owned 55,979,904 shares in the company, valued at $789,316,646.40. This represents a 0.40% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 3,456,468 shares of company stock worth $49,639,464 and have sold 3,033,130 shares worth $45,552,218. 61.28% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. FBN Securities raised shares of Asana to a "strong-buy" rating in a research report on Wednesday, June 4th. Robert W. Baird upped their price target on shares of Asana from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. KeyCorp reiterated a "sector weight" rating on shares of Asana in a research note on Wednesday, June 4th. Bank of America decreased their price objective on shares of Asana from $23.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, June 4th. Finally, HSBC reiterated a "reduce" rating and set a $10.00 price objective (down from $13.00) on shares of Asana in a research note on Wednesday, June 4th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $15.97.

Asana Stock Performance

NYSE:ASAN traded down $0.75 during mid-day trading on Monday, hitting $12.80. The stock had a trading volume of 5,794,232 shares, compared to its average volume of 3,448,305. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of -12.80 and a beta of 1.14. The company has a 50 day simple moving average of $14.33 and a 200-day simple moving average of $16.42. Asana, Inc. has a 52 week low of $11.05 and a 52 week 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 issued its quarterly earnings data on Tuesday, June 3rd. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.03. The firm 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% compared to the same quarter last year. During the same period last year, the firm posted ($0.06) EPS. On average, research analysts expect that Asana, Inc. will post -1.09 earnings per share for the current fiscal 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.