Asana (NYSE:ASAN) Shares Gap Up After Analyst Upgrade

Asana, Inc. (NYSE:ASAN)’s share price gapped up prior to trading on Monday after Jefferies Financial Group raised their price target on the stock from $16.00 to $19.00. The stock had previously closed at $20.61, but opened at $22.50. Jefferies Financial Group currently has a hold rating on the stock. Asana shares last traded at $22.48, with a volume of 672,776 shares trading hands.

Several other equities analysts have also recently weighed in on the company. Robert W. Baird raised their price objective on Asana from $13.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Scotiabank raised their price target on Asana from $15.00 to $18.00 and gave the company a “sector perform” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. upped their price objective on Asana from $13.00 to $15.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Piper Sandler raised shares of Asana from a “neutral” rating to an “overweight” rating and raised their target price for the company from $19.00 to $27.00 in a research note on Monday. Finally, Oppenheimer upped their price target on shares of Asana from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.27.

Insider Activity at Asana

In related news, COO Anne Raimondi sold 27,233 shares of Asana stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $21.71, for a total transaction of $591,228.43. Following the completion of the sale, the chief operating officer now directly owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. This trade represents a 3.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 63.97% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC boosted its position in shares of Asana by 327.9% in the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock valued at $41,000 after acquiring an additional 2,220 shares during the period. KBC Group NV raised its stake in 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 in the last quarter. Quest Partners LLC bought a new stake in Asana in the 3rd quarter valued at about $43,000. Redwood Wealth Management Group LLC acquired a new position in shares of Asana during the 2nd quarter worth approximately $65,000. Finally, Daiwa Securities Group Inc. grew its position in shares of Asana by 26.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock worth $70,000 after purchasing an additional 1,028 shares in the last quarter. Institutional investors own 26.21% of the company’s stock.

Asana Price Performance

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 $4.66 billion, a P/E ratio of -18.21 and a beta of 1.10. The company’s fifty day moving average price is $18.09 and its 200 day moving average price is $14.72.

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.