Asana (NYSE:ASAN) Shares Down 4.3% – Time to Sell?

Asana, Inc. (NYSE:ASAN) shares dropped 4.3% during trading on Thursday . The stock traded as low as $22.47 and last traded at $22.63. Approximately 1,913,544 shares changed hands during trading, a decline of 15% from the average daily volume of 2,262,676 shares. The stock had previously closed at $23.65.

Analysts Set New Price Targets

Several brokerages have weighed in on ASAN. Piper Sandler upped their target price on Asana from $12.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Citigroup dropped their target price on shares of Asana from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. JPMorgan Chase & Co. boosted 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. UBS Group cut their price objective on shares of Asana from $17.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Finally, Royal Bank of Canada restated an “underperform” rating and set a $10.00 price objective on shares of Asana in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Asana presently has a consensus rating of “Hold” and a consensus price target of $16.53.

Asana Stock Down 7.6 %

The business’s 50 day moving average price is $15.51 and its 200 day moving average price is $13.88. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of -19.51 and a beta of 1.22. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Asana

Large investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its stake in shares of Asana by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock worth $21,605,000 after acquiring an additional 12,055 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Asana during the 2nd quarter worth $17,100,000. Cubist Systematic Strategies LLC acquired a new stake in Asana during the 2nd quarter worth $5,169,000. Holocene Advisors LP grew its holdings in shares of Asana by 62.2% during the third quarter. Holocene Advisors LP now owns 305,167 shares of the company’s stock worth $3,537,000 after buying an additional 116,998 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Asana in the second quarter valued at about $3,159,000. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Asana Company 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.