Asana (NYSE:ASAN) Shares Gap Down – Here’s What Happened

Shares of Asana, Inc. (NYSE:ASAN) gapped down before the market opened on Tuesday . The stock had previously closed at $18.08, but opened at $17.21. Asana shares last traded at $17.48, with a volume of 316,046 shares.

Wall Street Analyst Weigh In

ASAN has been the topic of a number of research analyst reports. UBS Group decreased their target price on Asana from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. JPMorgan Chase & Co. dropped their target price on shares of Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a report on Tuesday, March 11th. Robert W. Baird reduced their price target on shares of Asana from $23.00 to $13.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Jefferies Financial Group dropped their price objective on shares of Asana from $19.00 to $15.00 and set a “hold” rating for the company in a research note on Tuesday, March 11th. Finally, DA Davidson reduced their target price on Asana from $20.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Asana has an average rating of “Hold” and a consensus target price of $15.53.

Asana Trading Down 1.1%

The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of -15.92 and a beta of 1.21. The business’s 50-day moving average price is $15.54 and its 200 day moving average price is $18.00. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49.

Insider Transactions at Asana

In other news, CEO Dustin A. Moskovitz purchased 225,000 shares of the company’s stock in a transaction on Thursday, March 13th. The shares were bought at an average price 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 owns 48,123,436 shares of the company’s stock, valued at $621,273,558.76. This trade represents a 0.47% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justin Rosenstein sold 150,000 shares of Asana stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $19.76, for a total value of $2,964,000.00. Following the sale, the director now directly owns 1,097,309 shares in the company, valued at approximately $21,682,825.84. This trade represents a 12.03% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 2,074,507 shares of company stock valued at $30,025,743 and have sold 193,775 shares valued at $3,549,663. Corporate insiders own 61.28% of the company’s stock.

Institutional Trading of Asana

Large investors have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise acquired a new position in shares of Asana during the first quarter valued at $28,000. Quarry LP acquired a new position in Asana during the 4th quarter valued at about $29,000. AlphaQuest LLC increased its stake in Asana by 825.1% during the 1st quarter. AlphaQuest LLC now owns 2,470 shares of the company’s stock valued at $36,000 after buying an additional 2,203 shares during the period. Bogart Wealth LLC acquired a new stake in shares of Asana in the 4th quarter worth approximately $61,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Asana in the 4th quarter worth approximately $82,000. 26.21% of the stock is currently owned by institutional investors and hedge funds.

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.