Asana (NYSE:ASAN) Hits New 52-Week Low at $13.35

Asana, Inc. (NYSE:ASAN)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $13.35 and last traded at $13.39, with a volume of 372543 shares trading hands. The stock had previously closed at $13.59.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ASAN. KeyCorp began coverage on Asana in a report on Thursday, March 21st. They issued an “underweight” rating and a $14.00 target price for the company. Piper Sandler upped their target price on Asana from $16.00 to $18.00 and gave the company an “underweight” rating in a report on Tuesday, January 2nd. Finally, Bank of America initiated coverage on Asana in a report on Monday, February 26th. They issued a “buy” rating and a $25.00 target price for the company. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.67.

Asana Stock Up 5.9 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.80 and a current ratio of 1.80. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of -12.59 and a beta of 1.23. The firm has a 50-day moving average price of $16.50 and a two-hundred day moving average price of $18.24.

Asana (NYSE:ASAN) last released its quarterly earnings results on Monday, March 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. The firm had revenue of $171.14 million for the quarter, compared to the consensus estimate of $167.59 million. Asana had a negative return on equity of 75.22% and a negative net margin of 39.39%. On average, sell-side analysts forecast that Asana, Inc. will post -1.08 earnings per share for the current year.

Insider Buying and Selling at Asana

In related news, CFO Tim M. Wan sold 10,105 shares of Asana stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $15.38, for a total value of $155,414.90. Following the sale, the chief financial officer now directly owns 753,888 shares in the company, valued at $11,594,797.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Tim M. Wan sold 10,105 shares of Asana stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $15.38, for a total transaction of $155,414.90. Following the completion of the transaction, the chief financial officer now directly owns 753,888 shares of the company’s stock, valued at $11,594,797.44. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Eleanor B. Lacey sold 4,462 shares of Asana stock in a transaction on Monday, April 1st. The stock was sold at an average price of $15.47, for a total value of $69,027.14. Following the transaction, the insider now directly owns 220,739 shares of the company’s stock, valued at $3,414,832.33. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,733 shares of company stock worth $488,886. 63.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Asana

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Asana by 4.9% in the third quarter. Vanguard Group Inc. now owns 9,213,830 shares of the company’s stock valued at $168,705,000 after purchasing an additional 434,003 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Asana by 15.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock worth $33,891,000 after buying an additional 235,135 shares during the period. Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Asana in the fourth quarter worth about $25,246,000. Charles Schwab Investment Management Inc. boosted its position in shares of Asana by 6.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 696,277 shares of the company’s stock worth $13,236,000 after buying an additional 43,564 shares during the period. Finally, Norges Bank acquired a new position in shares of Asana in the fourth quarter worth about $7,500,000. 26.21% of the stock is owned by institutional investors and hedge funds.

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.