Asana (NYSE:ASAN) Trading Down 6.3% – Time to Sell?

Asana, Inc. (NYSE:ASAN) shares fell 6.3% on Tuesday . The company traded as low as $20.35 and last traded at $20.42. 1,359,585 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 2,738,013 shares. The stock had previously closed at $21.80.

Analysts Set New Price Targets

ASAN has been the topic of several recent analyst reports. KeyCorp raised shares of Asana from an “underweight” rating to a “sector weight” rating and set a $10.00 target price on the stock in a research note on Friday, December 6th. Morgan Stanley upped their target price on Asana from $14.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Friday, December 6th. JMP Securities lifted their price target on shares of Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a research note on Friday, December 6th. Scotiabank upped their price objective on shares of Asana from $15.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada reiterated an “underperform” rating and issued a $10.00 target price on shares of Asana in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $17.27.

Asana Trading Down 3.9 %

The firm has a market cap of $4.47 billion, a price-to-earnings ratio of -17.46 and a beta of 1.10. 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 company’s 50 day simple moving average is $18.23 and its 200 day simple moving average is $14.75.

Insider Buying and Selling at Asana

In related news, COO Anne Raimondi sold 27,233 shares of the company’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 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 63.97% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Asana by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company’s stock valued at $21,605,000 after acquiring an additional 12,055 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Asana in the 2nd quarter valued at about $17,100,000. JPMorgan Chase & Co. boosted its stake in Asana by 105.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock worth $9,650,000 after buying an additional 427,576 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Asana during the 2nd quarter worth about $5,169,000. Finally, Holocene Advisors LP boosted 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 acquiring an additional 116,998 shares during the last quarter. Institutional investors and hedge funds 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.