Asana, Inc. (NYSE:ASAN) Sees Large Decline in Short Interest

Asana, Inc. (NYSE:ASAN) was the recipient of a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 11,480,000 shares, a decline of 13.9% from the February 13th total of 13,340,000 shares. Based on an average daily trading volume, of 4,100,000 shares, the days-to-cover ratio is presently 2.8 days. Approximately 13.6% of the company’s shares are sold short.

Insider Activity

In other news, COO Anne Raimondi sold 27,233 shares of Asana 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 sale, the chief operating officer now owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. The trade was a 3.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Justin Rosenstein sold 150,000 shares of Asana stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $20.01, for a total transaction of $3,001,500.00. Following the completion of the sale, the director now owns 2,047,309 shares of the company’s stock, valued at $40,966,653.09. This trade represents a 6.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 748,300 shares of company stock valued at $15,483,318. 63.97% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Asana

A number of institutional investors and hedge funds have recently made changes to their positions in ASAN. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Asana in the fourth quarter valued at about $38,966,000. Paradice Investment Management LLC acquired a new position in shares of Asana during the fourth quarter worth about $22,507,000. Two Sigma Investments LP grew its position in Asana by 288.1% during the fourth quarter. Two Sigma Investments LP now owns 1,405,088 shares of the company’s stock worth $28,481,000 after buying an additional 1,043,047 shares during the period. Voya Investment Management LLC grew its position in Asana by 8.1% during the fourth quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock worth $254,166,000 after buying an additional 937,726 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Asana during the fourth quarter worth about $11,781,000. 26.21% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ASAN. DA Davidson dropped their target price on shares of Asana from $20.00 to $12.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Robert W. Baird dropped their target price on shares of Asana from $23.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Morgan Stanley dropped their price target on shares of Asana from $18.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. JPMorgan Chase & Co. dropped their price target on shares of Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a research note on Tuesday, March 11th. Finally, Bank of America dropped their price target on shares of Asana from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, March 11th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $15.67.

Asana Stock Performance

Shares of NYSE:ASAN traded up $0.34 on Wednesday, reaching $14.35. The company’s stock had a trading volume of 2,110,489 shares, compared to its average volume of 2,561,819. The stock’s 50-day moving average is $19.71 and its two-hundred day moving average is $16.84. Asana has a 52-week low of $11.05 and a 52-week high of $27.77. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market capitalization of $3.28 billion, a P/E ratio of -12.88 and a beta of 1.13.

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.