Asana (NYSE:ASAN) Trading Up 6.8% – Time to Buy?

Asana, Inc. (NYSE:ASAN) shares were up 6.8% on Wednesday . The company traded as high as $25.04 and last traded at $25.01. Approximately 3,346,540 shares changed hands during mid-day trading, an increase of 54% from the average daily volume of 2,175,881 shares. The stock had previously closed at $23.42.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ASAN shares. Oppenheimer upped their price objective on shares of Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Piper Sandler upped their price objective on shares of Asana from $12.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. JMP Securities upped their price objective on shares of Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a report on Friday, December 6th. KeyCorp upgraded shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price target on the stock in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. increased their price target on shares of Asana from $13.00 to $15.00 and gave the company an “underweight” rating in a report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Asana has an average rating of “Hold” and a consensus target price of $16.53.

Asana Stock Up 3.8 %

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 company’s fifty day moving average is $13.89 and its 200-day moving average is $13.41. The company has a market cap of $5.55 billion, a PE ratio of -20.91 and a beta of 1.22.

Insider Buying and Selling

In other Asana news, COO Anne Raimondi sold 29,807 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total value of $357,385.93. Following the transaction, the chief operating officer now directly owns 761,088 shares in the company, valued at approximately $9,125,445.12. This trade represents a 3.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eleanor B. Lacey sold 9,308 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $111,602.92. Following the completion of the transaction, the insider now owns 375,310 shares in the company, valued at $4,499,966.90. The trade was a 2.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,092 shares of company stock worth $527,668. 63.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ASAN. Arizona State Retirement System raised its position in shares of Asana by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 23,401 shares of the company’s stock valued at $327,000 after purchasing an additional 803 shares during the period. Diversified Trust Co raised its position in shares of Asana by 2.6% during the 2nd quarter. Diversified Trust Co now owns 34,985 shares of the company’s stock valued at $489,000 after purchasing an additional 900 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Asana by 26.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after purchasing an additional 1,028 shares during the period. KBC Group NV increased its holdings in Asana by 52.1% in the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after acquiring an additional 1,211 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Asana by 11.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,045 shares of the company’s stock valued at $238,000 after acquiring an additional 1,769 shares during the last quarter. 26.21% of the stock is currently owned by institutional investors.

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.