Parallel Advisors LLC Has $593,000 Stock Holdings in Asana, Inc. (NYSE:ASAN)

Parallel Advisors LLC reduced its position in Asana, Inc. (NYSE:ASAN) by 6.2% in the 4th quarter, HoldingsChannel reports. The firm owned 29,231 shares of the company’s stock after selling 1,928 shares during the period. Parallel Advisors LLC’s holdings in Asana were worth $593,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Bogart Wealth LLC acquired a new stake in Asana in the 4th quarter valued at about $61,000. KBC Group NV lifted its stake 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 purchasing an additional 1,211 shares during the last quarter. Quest Partners LLC acquired a new stake in Asana in the 3rd quarter valued at about $43,000. SBI Securities Co. Ltd. acquired a new stake in Asana in the 4th quarter valued at about $82,000. Finally, TruNorth Capital Management LLC acquired a new stake in Asana in the 4th quarter valued at about $163,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. cut their target price 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. Oppenheimer raised their price objective on shares of Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Royal Bank of Canada restated an “underperform” rating and set a $10.00 price objective on shares of Asana in a research report on Friday, December 6th. Piper Sandler cut their price objective on shares of Asana from $27.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, March 11th. Finally, Jefferies Financial Group cut 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. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.67.

Insider Activity at Asana

In related news, Director Justin Rosenstein sold 25,000 shares of Asana stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $12.89, for a total value of $322,250.00. Following the transaction, the director now directly owns 922,309 shares of the company’s stock, valued at $11,888,563.01. This trade represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Dustin A. Moskovitz acquired 225,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $12.91 per share, for a total transaction of $2,904,750.00. Following the completion of the purchase, the chief executive officer now directly owns 48,123,436 shares of the company’s stock, valued at $621,273,558.76. The trade was a 0.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 675,000 shares of company stock valued at $9,285,750 and have sold 721,067 shares valued at $14,892,089. 63.97% of the stock is currently owned by insiders.

Asana Stock Down 1.9 %

Shares of ASAN opened at $14.00 on Friday. The firm’s 50 day moving average is $19.49 and its 200-day moving average is $16.81. The stock has a market capitalization of $3.20 billion, a PE ratio of -12.50 and a beta of 1.13. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. Asana, Inc. has a 12 month low of $11.05 and a 12 month high of $27.77.

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.