Asana (NYSE:ASAN) Reaches New 52-Week High Following Insider Buying Activity

Asana, Inc. (NYSE:ASAN) reached a new 52-week high on Thursday after an insider bought additional shares in the company. The stock traded as high as $44.05 and last traded at $43.88, with a volume of 17154 shares changing hands. The stock had previously closed at $41.15.

Specifically, insider Eleanor B. Lacey sold 20,000 shares of the company’s stock in a transaction on Monday, June 7th. The shares were sold at an average price of $40.07, for a total value of $801,400.00. Following the completion of the sale, the insider now owns 149,359 shares in the company, valued at approximately $5,984,815.13. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Chris Farinacci sold 26,072 shares of the company’s stock in a transaction on Thursday, April 1st. The stock was sold at an average price of $29.50, for a total transaction of $769,124.00. Following the completion of the sale, the chief operating officer now owns 315,072 shares of the company’s stock, valued at approximately $9,294,624. The disclosure for this sale can be found here. Insiders have sold a total of 133,644 shares of company stock valued at $4,437,663 in the last 90 days. 54.43% of the stock is currently owned by company insiders.

Several research firms have recently issued reports on ASAN. Piper Sandler upped their target price on shares of Asana from $45.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, June 4th. Robert W. Baird increased their price target on shares of Asana from $40.00 to $50.00 and gave the company an “outperform” rating in a research report on Thursday. Wolfe Research started coverage on shares of Asana in a research report on Wednesday, April 28th. They set an “outperform” rating and a $40.00 price target for the company. KeyCorp increased their price target on shares of Asana from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, June 4th. Finally, Royal Bank of Canada increased their price target on shares of Asana from $39.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, June 4th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. Asana has a consensus rating of “Buy” and a consensus target price of $38.54.

The stock has a market capitalization of $7.49 billion and a PE ratio of -31.04. The firm has a fifty day moving average price of $33.67.

Asana (NYSE:ASAN) last announced its quarterly earnings results on Wednesday, June 2nd. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.06. The firm had revenue of $76.67 million during the quarter, compared to analysts’ expectations of $70.14 million. During the same period in the previous year, the company posted ($0.31) earnings per share. The company’s quarterly revenue was up 60.7% compared to the same quarter last year. Equities analysts forecast that Asana, Inc. will post -1.4 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in ASAN. Allianz Asset Management GmbH bought a new position in shares of Asana in the first quarter worth approximately $73,973,000. 12 West Capital Management LP bought a new position in shares of Asana in the first quarter worth approximately $65,448,000. Champlain Investment Partners LLC increased its position in shares of Asana by 51.7% in the first quarter. Champlain Investment Partners LLC now owns 5,044,650 shares of the company’s stock worth $144,176,000 after purchasing an additional 1,719,310 shares during the last quarter. Anglepoint Asset Management LTD. bought a new position in shares of Asana in the first quarter worth approximately $46,274,000. Finally, Tiger Global Management LLC increased its position in shares of Asana by 161.2% in the fourth quarter. Tiger Global Management LLC now owns 2,419,454 shares of the company’s stock worth $71,495,000 after purchasing an additional 1,493,252 shares during the last quarter. 26.57% of the stock is currently owned by hedge funds and other institutional investors.

Asana Company Profile (NYSE:ASAN)

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. It provides a work management platform as software as service that enables individuals and teams to get work done faster while enhancing employee engagement by allowing everyone to see how their work connects to the mission of an organization.

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