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

Asana, Inc. (NYSE:ASAN) was the recipient of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 12,280,000 shares, a growth of 19.2% from the December 31st total of 10,300,000 shares. Approximately 14.8% of the company’s shares are short sold. Based on an average daily volume of 3,180,000 shares, the short-interest ratio is currently 3.9 days.

Insider Buying and Selling

In related news, COO Anne Raimondi sold 27,233 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the sale, the chief operating officer now directly owns 733,855 shares in the company, valued at approximately $15,931,992.05. This represents a 3.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Justin Rosenstein sold 150,000 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $20.01, for a total value of $3,001,500.00. Following the transaction, the director now owns 2,047,309 shares in the company, valued at approximately $40,966,653.09. This trade represents a 6.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 377,233 shares of company stock valued at $7,926,728. Company insiders own 63.97% of the company’s stock.

Institutional Trading of Asana

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASAN. KBC Group NV grew its holdings in shares of Asana by 52.1% in the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock worth $41,000 after purchasing an additional 1,211 shares during the last quarter. Quest Partners LLC bought a new stake in Asana during the third quarter worth about $43,000. Bogart Wealth LLC bought a new stake in Asana during the fourth quarter worth about $61,000. MQS Management LLC acquired a new stake in shares of Asana during the third quarter worth approximately $141,000. Finally, Paloma Partners Management Co bought a new position in shares of Asana in the third quarter valued at approximately $143,000. Institutional investors own 26.21% of the company’s stock.

Analyst Ratings Changes

ASAN has been the topic of a number of recent analyst reports. Citigroup raised their price objective on Asana from $16.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Jefferies Financial Group upped their price objective on shares of Asana from $16.00 to $19.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Piper Sandler upgraded shares of Asana from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $19.00 to $27.00 in a report on Monday, January 6th. DA Davidson upped their price target on shares of Asana from $13.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and issued a $10.00 price target on shares of Asana in a research report on Friday, December 6th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $17.73.

Asana Stock Performance

ASAN traded down $0.02 during trading on Friday, reaching $21.33. 4,659,814 shares of the company’s stock were exchanged, compared to its average volume of 2,867,435. Asana has a fifty-two week low of $11.05 and a fifty-two week high of $27.77. 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 business has a 50 day moving average price of $20.35 and a 200 day moving average price of $15.54.

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.