Connor Clark & Lunn Investment Management Ltd. Invests $11.78 Million in Asana, Inc. (NYSE:ASAN)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Asana, Inc. (NYSE:ASAN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 581,207 shares of the company’s stock, valued at approximately $11,781,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.25% of Asana as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Paradice Investment Management LLC bought a new stake in Asana in the fourth quarter valued at about $22,507,000. 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 purchasing an additional 427,576 shares during the last quarter. Edgestream Partners L.P. bought a new stake in Asana in the fourth quarter valued at about $2,547,000. 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 purchasing an additional 116,998 shares during the last quarter. Finally, Neo Ivy Capital Management increased its holdings in Asana by 195.1% in the third quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock valued at $1,964,000 after purchasing an additional 112,038 shares during the last quarter. Institutional investors own 26.21% of the company’s stock.

Insider Transactions at Asana

In other news, Director Justin Rosenstein sold 150,000 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $20.01, for a total transaction of $3,001,500.00. Following the completion of the transaction, the director now directly owns 2,047,309 shares of the company’s stock, valued at $40,966,653.09. This represents a 6.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Anne Raimondi sold 27,233 shares of the company’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 directly owns 733,855 shares of the company’s stock, valued at $15,931,992.05. This represents a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 723,300 shares of company stock valued at $15,161,068 over the last three months. Company insiders own 63.97% of the company’s stock.

Asana Stock Up 8.0 %

ASAN stock opened at $13.95 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market capitalization of $3.19 billion, a P/E ratio of -12.45 and a beta of 1.13. The business has a 50-day moving average of $19.99 and a 200-day moving average of $16.80. Asana, Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $27.77.

Analyst Ratings Changes

ASAN has been the subject of a number of recent analyst reports. Scotiabank dropped their price objective on Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday. UBS Group dropped their price objective on Asana from $18.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday. JMP Securities upped their price objective on Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, December 6th. JPMorgan Chase & Co. lowered their price target on Asana from $15.00 to $13.00 and set an “underweight” rating for the company in a report on Tuesday. Finally, Morgan Stanley lowered their price target on Asana from $18.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Asana presently has a consensus rating of “Hold” and a consensus target price of $15.87.

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.