Formula Growth Ltd. Trims Stock Position in Asana, Inc. (NYSE:ASAN)

Formula Growth Ltd. lessened its holdings in Asana, Inc. (NYSE:ASAN) by 52.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 150,000 shares of the company’s stock after selling 165,000 shares during the period. Formula Growth Ltd. owned about 0.07% of Asana worth $3,040,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ASAN. KBC Group NV raised its position in Asana by 58.8% in the fourth quarter. KBC Group NV now owns 5,612 shares of the company’s stock worth $114,000 after acquiring an additional 2,078 shares during the period. Handelsbanken Fonder AB lifted its position in Asana by 19.0% during the fourth quarter. Handelsbanken Fonder AB now owns 18,200 shares of the company’s stock valued at $369,000 after purchasing an additional 2,900 shares in the last quarter. Bogart Wealth LLC bought a new stake in Asana during the fourth quarter valued at about $61,000. New York State Common Retirement Fund increased its position in Asana by 13.6% in the fourth quarter. New York State Common Retirement Fund now owns 25,300 shares of the company’s stock worth $513,000 after buying an additional 3,038 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Asana by 29.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 13,473 shares of the company’s stock worth $278,000 after buying an additional 3,083 shares during the period. Hedge funds and other institutional investors own 26.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. UBS Group reduced their target price on shares of Asana from $18.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Morgan Stanley decreased their price objective on shares of Asana from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Scotiabank dropped their target price on shares of Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, March 11th. Robert W. Baird dropped their price objective on Asana from $23.00 to $13.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Finally, Bank of America decreased their target price on Asana from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Asana has an average rating of “Hold” and a consensus price target of $15.60.

Insider Transactions at Asana

In related news, CEO Dustin A. Moskovitz purchased 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 15th. The shares were bought at an average price of $15.84 per share, for a total transaction of $792,000.00. Following the acquisition, the chief executive officer now owns 51,398,436 shares of the company’s stock, valued at approximately $814,151,226.24. This represents a 0.10 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Justin Rosenstein sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $21.67, for a total transaction of $4,334,000.00. Following the completion of the sale, the director now owns 1,847,309 shares of the company’s stock, valued at $40,031,186.03. This trade represents a 9.77 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have acquired 2,074,507 shares of company stock worth $30,025,743 and have sold 739,842 shares worth $15,155,503. Insiders own 63.97% of the company’s stock.

Asana Price Performance

Asana stock opened at $14.84 on Friday. Asana, Inc. has a 52-week low of $11.05 and a 52-week high of $27.77. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The firm’s fifty day moving average is $16.85 and its 200 day moving average is $17.24. The company has a market cap of $3.46 billion, a price-to-earnings ratio of -13.25 and a beta of 1.23.

Asana 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.