Short Interest in Asana, Inc. (NYSE:ASAN) Drops By 37.4%

Asana, Inc. (NYSE:ASAN) saw a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 7,190,000 shares, a decrease of 37.4% from the February 28th total of 11,480,000 shares. Based on an average trading volume of 3,660,000 shares, the days-to-cover ratio is currently 2.0 days. Currently, 8.2% of the company’s shares are sold short.

Insider Buying and Selling at Asana

In other Asana news, Director Justin Rosenstein sold 25,000 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $12.89, for a total transaction of $322,250.00. Following the completion of the sale, the director now directly owns 922,309 shares of the company’s stock, valued at approximately $11,888,563.01. This represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Dustin A. Moskovitz purchased 225,000 shares of the stock in a transaction dated Thursday, March 13th. The stock was purchased at an average price of $12.91 per share, for a total transaction of $2,904,750.00. Following the completion of the acquisition, the chief executive officer now directly owns 48,123,436 shares in the company, valued at approximately $621,273,558.76. This represents a 0.47 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 900,000 shares of company stock valued at $12,735,000 and have sold 739,842 shares valued at $15,155,503. 63.97% of the stock is currently owned by corporate insiders.

Institutional Trading of Asana

Several hedge funds have recently made changes to their positions in ASAN. Quarry LP purchased a new stake in Asana in the fourth quarter valued at approximately $29,000. Bogart Wealth LLC purchased a new stake in shares of Asana in the 4th quarter valued at $61,000. Quest Partners LLC acquired a new position in Asana during the 3rd quarter worth about $43,000. SBI Securities Co. Ltd. purchased a new stake in Asana during the fourth quarter worth about $82,000. Finally, KBC Group NV lifted its position in shares of Asana by 58.8% during the fourth quarter. KBC Group NV now owns 5,612 shares of the company’s stock worth $114,000 after purchasing an additional 2,078 shares in the last quarter. Hedge funds and other institutional investors own 26.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Scotiabank cut their price target on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, March 11th. Jefferies Financial Group decreased their price objective on shares of Asana from $19.00 to $15.00 and set a “hold” rating for the company in a research report on Tuesday, March 11th. Piper Sandler cut their price target on shares of Asana from $27.00 to $18.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 11th. DA Davidson dropped their price objective on shares of Asana from $20.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Finally, KeyCorp upgraded Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 target price for the company in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $15.67.

Asana Trading Up 0.5 %

Asana stock traded up $0.08 during trading on Friday, reaching $14.87. 2,993,933 shares of the company were exchanged, compared to its average volume of 2,655,766. The stock’s 50 day simple moving average is $18.97 and its two-hundred day simple moving average is $16.94. The company has a market capitalization of $3.40 billion, a P/E ratio of -13.27 and a beta of 1.13. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. Asana has a 52-week low of $11.05 and a 52-week high of $27.77.

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.