Neo Ivy Capital Management Trims Position in Asana, Inc. (NYSE:ASAN)

Key Points

• Neo Ivy Capital Management reduced its stake in Asana, Inc. by 73.9%, holding only 23,002 shares after selling 65,189 shares during the first quarter.
• CEO Dustin A. Moskovitz purchased 225,000 shares of Asana, increasing his ownership to over 51 million shares, while director Justin Rosenstein sold nearly 967,000 shares, representing a 16.77% decrease in his position.
• Wall Street analysts have mixed opinions on Asana, with ratings ranging from sell to strong buy, and a consensus price target of $15.97.

Neo Ivy Capital Management lowered its holdings in Asana, Inc. (NYSE:ASAN - Free Report) by 73.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,002 shares of the company's stock after selling 65,189 shares during the period. Neo Ivy Capital Management's holdings in Asana were worth $335,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Vident Advisory LLC bought a new position in shares of Asana during the 4th quarter valued at about $460,000. Ameriprise Financial Inc. bought a new position in shares of Asana during the 4th quarter valued at about $352,000. Brooklyn FI LLC bought a new position in shares of Asana during the 4th quarter valued at about $8,138,000. Meeder Asset Management Inc. increased its position in shares of Asana by 49.2% during the 4th quarter. Meeder Asset Management Inc. now owns 77,576 shares of the company's stock valued at $1,572,000 after purchasing an additional 25,564 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new position in shares of Asana during the 4th quarter valued at about $1,310,000. Hedge funds and other institutional investors own 26.21% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on ASAN shares. Wall Street Zen upgraded Asana from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. Morgan Stanley reduced their price objective on Asana from $14.00 to $13.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 4th. UBS Group increased their price objective on Asana from $14.00 to $18.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. KeyCorp reaffirmed a "sector weight" rating on shares of Asana in a research note on Wednesday, June 4th. Finally, HSBC reaffirmed a "reduce" rating and issued a $10.00 price target (down from $13.00) on shares of Asana in a research note on Wednesday, June 4th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $15.97.

Asana Stock Up 1.0%

Asana stock traded up $0.15 during mid-day trading on Monday, hitting $15.05. The company had a trading volume of 3,015,035 shares, compared to its average volume of 3,411,135. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.16. The stock's 50 day moving average price is $14.98 and its two-hundred day moving average price is $16.78. Asana, Inc. has a 12 month low of $11.05 and a 12 month high of $27.77. The company has a market capitalization of $3.54 billion, a PE ratio of -15.05 and a beta of 1.13.

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

Insider Buying and Selling at Asana

In other Asana news, Director Justin Rosenstein sold 729,228 shares of the business's stock in a transaction on 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 sale, the director directly owned 4,067,863 shares of the company's stock, valued at approximately $61,343,374.04. The trade was a 15.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dustin A. Moskovitz purchased 225,000 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were acquired at an average cost of $15.04 per share, for a total transaction of $3,384,000.00. Following the completion of the acquisition, the director owned 54,405,999 shares of the company's stock, valued at approximately $818,266,224.96. This represents a 0.42% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 2,332,563 shares of company stock worth $33,400,904 and sold 2,175,665 shares worth $32,670,537. Insiders own 61.28% of the company's stock.

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.