Asana (NYSE:ASAN) Shares Gap Up – Here’s Why

Asana, Inc. (NYSE:ASAN) gapped up prior to trading on Monday . The stock had previously closed at $21.82, but opened at $23.30. Asana shares last traded at $22.74, with a volume of 1,350,901 shares traded.

Analyst Upgrades and Downgrades

ASAN has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Friday, December 6th. Jefferies Financial Group boosted their price target on shares of Asana from $16.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Royal Bank of Canada restated an “underperform” rating and issued a $10.00 price target on shares of Asana in a research report on Friday, December 6th. DA Davidson lifted their price objective on shares of Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Citigroup lifted their price objective on shares of Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Asana currently has an average rating of “Hold” and an average target price of $17.73.

Asana Stock Down 4.7 %

The stock’s fifty day moving average is $21.16 and its two-hundred day moving average is $15.87. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $5.11 billion, a PE ratio of -19.95 and a beta of 1.11.

Insider Buying and Selling at Asana

In other Asana news, COO Anne Raimondi sold 27,233 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the transaction, the chief operating officer now directly owns 733,855 shares in the company, valued at $15,931,992.05. This trade represents a 3.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Justin Rosenstein sold 200,000 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $21.67, for a total transaction of $4,334,000.00. Following the transaction, the director now owns 1,847,309 shares in the company, valued at $40,031,186.03. The trade was a 9.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 573,300 shares of company stock valued at $12,197,068 over the last three months. 63.97% of the stock is currently owned by insiders.

Institutional Trading of Asana

A number of institutional investors have recently made changes to their positions in the stock. Paradice Investment Management LLC purchased a new stake in Asana in the fourth quarter worth $22,507,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Asana in the fourth quarter worth $11,781,000. JPMorgan Chase & Co. lifted its stake in Asana by 105.6% in the third quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock worth $9,650,000 after acquiring an additional 427,576 shares during the period. Brooklyn FI LLC purchased a new stake in Asana in the fourth quarter worth $8,138,000. Finally, Edgestream Partners L.P. purchased a new stake in Asana in the fourth quarter worth $2,547,000. Hedge funds and other institutional investors own 26.21% 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.