Asana (NYSE:ASAN) Shares Gap Down – Should You Sell?

Asana, Inc. (NYSE:ASAN) shares gapped down before the market opened on Thursday . The stock had previously closed at $14.27, but opened at $13.75. Asana shares last traded at $14.10, with a volume of 370,005 shares changing hands.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Scotiabank cut 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, March 11th. Royal Bank of Canada reiterated an “underperform” rating and set a $10.00 target price on shares of Asana in a research report on Friday, December 6th. UBS Group decreased their price objective on Asana from $18.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Morgan Stanley dropped their price target on shares of Asana from $18.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Finally, JMP Securities set a $22.00 price target on Asana in a report on Tuesday, March 11th. 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 MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $15.67.

Asana Stock Down 1.4 %

The firm has a 50-day moving average of $19.60 and a two-hundred day moving average of $16.83. 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 market capitalization of $3.22 billion, a PE ratio of -12.54 and a beta of 1.13.

Insider Buying and Selling at Asana

In other Asana news, COO Anne Raimondi sold 27,233 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justin Rosenstein sold 196,067 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $21.78, for a total value of $4,270,339.26. Following the sale, the director now directly owns 1,651,242 shares of the company’s stock, valued at $35,964,050.76. The trade was a 10.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 748,300 shares of company stock valued at $15,483,318 over the last 90 days. 63.97% of the stock is owned by insiders.

Institutional Trading of Asana

Several institutional investors and hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP purchased a new position in shares of Asana in the third quarter valued at $497,000. KBC Group NV boosted its holdings in Asana by 52.1% in the third 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 period. Quest Partners LLC bought a new position in shares of Asana in the 3rd quarter worth about $43,000. Meeder Asset Management Inc. acquired a new position in shares of Asana in the 3rd quarter valued at about $603,000. Finally, Intech Investment Management LLC acquired a new position in Asana in the third quarter valued at approximately $456,000. Hedge funds and other institutional investors own 26.21% of the company’s stock.

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.