Asana (NYSE:ASAN) Shares Gap Up – Time to Buy?

Shares of Asana, Inc. (NYSE:ASAN) gapped up before the market opened on Wednesday . The stock had previously closed at $18.72, but opened at $20.08. Asana shares last traded at $20.35, with a volume of 1,063,075 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ASAN shares. KeyCorp raised Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 price target for the company in a research report on Friday, December 6th. Morgan Stanley boosted their price target on Asana from $14.00 to $18.00 and gave the company an “equal weight” rating in a research report on Friday, December 6th. Jefferies Financial Group boosted their price target on Asana from $16.00 to $19.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Scotiabank boosted their price objective on Asana from $15.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Friday, December 6th. Finally, DA Davidson boosted their price objective on Asana from $13.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. 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 $17.73.

Asana Stock Performance

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 has a 50 day moving average of $18.98 and a 200 day moving average of $15.00. The firm has a market cap of $4.54 billion, a price-to-earnings ratio of -17.73 and a beta of 1.10.

Insider Buying and Selling

In related news, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $21.71, for a total value of $591,228.43. Following the transaction, the chief operating officer now owns 733,855 shares in the company, valued at approximately $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in Asana by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock valued at $21,605,000 after buying an additional 12,055 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Asana in the second quarter valued at about $17,100,000. JPMorgan Chase & Co. increased its holdings in Asana by 105.6% in the third quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock valued at $9,650,000 after buying an additional 427,576 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in Asana in the second quarter valued at about $5,169,000. Finally, Holocene Advisors LP increased its holdings in Asana by 62.2% in the third quarter. Holocene Advisors LP now owns 305,167 shares of the company’s stock valued at $3,537,000 after buying an additional 116,998 shares during the last quarter. 26.21% of the stock is 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.