Insider Buying: Asana, Inc. (NYSE:ASAN) Director Buys 225,000 Shares of Stock

Key Points

• Asana, Inc. Director Dustin A. Moskovitz purchased 225,000 shares of stock at an average price of $14.04, totaling approximately $3.16 million, increasing his ownership to over 55 million shares.
• The company's recent earnings report showed a 8.6% year-over-year revenue growth and earnings per share of $0.05, surpassing analyst expectations.
• Several analysts recently adjusted their ratings on Asana, with target prices ranging from $10.00 to $16.50, reflecting mixed sentiments about the stock's performance potential.

Asana, Inc. (NYSE:ASAN - Get Free Report) Director Dustin A. Moskovitz bought 225,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was purchased at an average price of $14.04 per share, for a total transaction of $3,159,000.00. Following the transaction, the director owned 55,305,999 shares of the company's stock, valued at approximately $776,496,225.96. This represents a 0.41% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Asana Trading Down 1.6%

Shares of NYSE ASAN traded down $0.23 during trading on Tuesday, reaching $14.13. The stock had a trading volume of 2,931,133 shares, compared to its average volume of 3,421,472. Asana, Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $27.77. 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 business's 50-day moving average price is $14.64 and its 200-day moving average price is $16.59. The company has a market cap of $3.33 billion, a P/E ratio of -14.13 and a beta of 1.14.

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, topping analysts' consensus estimates 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 analyst estimates of $185.40 million. During the same quarter in the prior year, the company earned ($0.06) earnings per share. The company's revenue was up 8.6% on a year-over-year basis. On average, equities research analysts predict that Asana, Inc. will post -1.09 EPS for the current fiscal year.

Institutional Trading of Asana

Several hedge funds have recently added to or reduced their stakes in the company. Vident Advisory LLC purchased a new stake in Asana during the 4th quarter worth about $460,000. Ameriprise Financial Inc. acquired a new position in Asana during the 4th quarter worth approximately $352,000. Brooklyn FI LLC purchased a new position in Asana in the 4th quarter valued at approximately $8,138,000. Sei Investments Co. acquired a new position in Asana during the fourth quarter worth $585,000. Finally, Norges Bank purchased a new stake in Asana during the fourth quarter worth $4,617,000. Institutional investors and hedge funds own 26.21% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ASAN shares. Morgan Stanley decreased their target price on Asana from $14.00 to $13.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 4th. JPMorgan Chase & Co. lifted their price objective on Asana from $13.00 to $14.00 and gave the stock an "underweight" rating 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 research report on Wednesday, June 4th. Royal Bank Of Canada reissued an "underperform" rating and issued a $10.00 price objective on shares of Asana in a report on Wednesday, June 4th. Finally, Scotiabank lifted their target price on shares of Asana from $12.00 to $16.50 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target 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.

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