Asana, Inc. (NYSE:ASAN) Sees Large Drop in Short Interest

Asana, Inc. (NYSE:ASAN) saw a significant decrease in short interest in July. As of July 15th, there was short interest totalling 13,010,000 shares, a decrease of 7.7% from the June 30th total of 14,090,000 shares. Currently, 15.9% of the company’s stock are sold short. Based on an average trading volume of 2,190,000 shares, the short-interest ratio is presently 5.9 days.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ASAN shares. Piper Sandler cut their target price on shares of Asana from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. KeyCorp cut their target price on shares of Asana from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Friday, May 31st. JMP Securities restated a “market outperform” rating and set a $27.00 target price on shares of Asana in a research note on Monday, July 15th. UBS Group dropped their price objective on shares of Asana from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. Finally, HSBC upgraded shares of Asana from a “reduce” rating to a “hold” rating and dropped their price objective for the stock from $16.00 to $14.00 in a research note on Monday, June 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Asana presently has a consensus rating of “Hold” and an average price target of $18.17.

Asana Stock Performance

ASAN traded down $0.50 during trading on Thursday, hitting $14.05. 1,753,433 shares of the company traded hands, compared to its average volume of 2,066,344. The firm has a market cap of $3.20 billion, a P/E ratio of -12.01 and a beta of 1.16. The stock’s fifty day moving average is $13.60 and its 200 day moving average is $15.60. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.13. Asana has a one year low of $11.29 and a one year high of $23.75.

Asana (NYSE:ASAN) last issued its earnings results on Thursday, May 30th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. The firm had revenue of $172.45 million during the quarter, compared to analyst estimates of $168.53 million. Asana had a negative net margin of 38.55% and a negative return on equity of 77.48%. As a group, equities analysts predict that Asana will post -1.05 EPS for the current fiscal year.

Insider Transactions at Asana

In related news, insider Eleanor B. Lacey sold 4,999 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $12.95, for a total value of $64,737.05. Following the completion of the transaction, the insider now owns 384,150 shares of the company’s stock, valued at $4,974,742.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Eleanor B. Lacey sold 4,999 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $12.95, for a total value of $64,737.05. Following the completion of the transaction, the insider now owns 384,150 shares of the company’s stock, valued at $4,974,742.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Anne Raimondi sold 26,588 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $11.44, for a total transaction of $304,166.72. Following the completion of the transaction, the chief operating officer now directly owns 790,894 shares of the company’s stock, valued at approximately $9,047,827.36. The disclosure for this sale can be found here. Insiders sold 84,443 shares of company stock valued at $1,026,976 over the last quarter. Corporate insiders own 63.97% of the company’s stock.

Institutional Investors Weigh In On Asana

A number of institutional investors and hedge funds have recently bought and sold shares of ASAN. Vanguard Group Inc. raised its stake in Asana by 4.9% in the third quarter. Vanguard Group Inc. now owns 9,213,830 shares of the company’s stock valued at $168,705,000 after purchasing an additional 434,003 shares in the last quarter. SG Americas Securities LLC grew its position in Asana by 40.2% during the fourth quarter. SG Americas Securities LLC now owns 52,502 shares of the company’s stock valued at $998,000 after acquiring an additional 15,059 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its position in Asana by 3.2% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 90,196 shares of the company’s stock valued at $1,715,000 after acquiring an additional 2,762 shares during the last quarter. International Assets Investment Management LLC bought a new position in Asana during the fourth quarter valued at approximately $199,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Asana by 2.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 36,243 shares of the company’s stock valued at $689,000 after acquiring an additional 808 shares during the last quarter. 26.21% of the stock is owned by hedge funds and other 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.