Asana, Inc. (NYSE:ASAN) Short Interest Down 5.7% in March

Asana, Inc. (NYSE:ASAN) was the target of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 11,180,000 shares, a decline of 5.7% from the March 15th total of 11,860,000 shares. Based on an average daily trading volume, of 1,990,000 shares, the days-to-cover ratio is currently 5.6 days. Currently, 14.1% of the shares of the company are short sold.

Asana Price Performance

ASAN stock traded down $0.31 during midday trading on Wednesday, hitting $13.55. The company’s stock had a trading volume of 2,306,741 shares, compared to its average volume of 1,603,014. Asana has a 12 month low of $13.43 and a 12 month high of $26.27. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of -11.58 and a beta of 1.22. The company has a 50 day moving average of $17.01 and a two-hundred day moving average of $18.35.

Asana (NYSE:ASAN) last issued its quarterly earnings data on Monday, March 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.06. The business had revenue of $171.14 million for the quarter, compared to analysts’ expectations of $167.59 million. Asana had a negative return on equity of 75.22% and a negative net margin of 39.39%. On average, analysts expect that Asana will post -1.08 EPS for the current year.

Insiders Place Their Bets

In other Asana news, CFO Tim M. Wan sold 10,105 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $15.38, for a total value of $155,414.90. Following the completion of the transaction, the chief financial officer now owns 753,888 shares of the company’s stock, valued at approximately $11,594,797.44. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Asana news, insider Eleanor B. Lacey sold 5,387 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $15.46, for a total transaction of $83,283.02. Following the completion of the sale, the insider now directly owns 225,201 shares in the company, valued at approximately $3,481,607.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Tim M. Wan sold 10,105 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $15.38, for a total value of $155,414.90. Following the sale, the chief financial officer now owns 753,888 shares of the company’s stock, valued at $11,594,797.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,733 shares of company stock valued at $488,886. 63.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Asana

Hedge funds and other institutional investors have recently made changes to their positions in the company. Voya Investment Management LLC boosted its position in Asana by 33,942.3% during the fourth quarter. Voya Investment Management LLC now owns 10,672,275 shares of the company’s stock valued at $202,880,000 after purchasing an additional 10,640,925 shares in the last quarter. Vanguard Group Inc. boosted its position in Asana by 4.9% during the third quarter. Vanguard Group Inc. now owns 9,213,830 shares of the company’s stock valued at $168,705,000 after purchasing an additional 434,003 shares in the last quarter. BlackRock Inc. boosted its position in Asana by 5.5% during the first quarter. BlackRock Inc. now owns 6,723,586 shares of the company’s stock valued at $142,069,000 after purchasing an additional 352,684 shares in the last quarter. State Street Corp boosted its position in Asana by 8.0% during the second quarter. State Street Corp now owns 2,211,225 shares of the company’s stock valued at $48,735,000 after purchasing an additional 163,281 shares in the last quarter. Finally, Morgan Stanley raised its stake in Asana by 69.8% in the third quarter. Morgan Stanley now owns 2,141,221 shares of the company’s stock valued at $39,206,000 after buying an additional 880,413 shares during the last quarter. Institutional investors own 26.21% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on ASAN shares. KeyCorp started coverage on Asana in a research note on Thursday, March 21st. They set an “underweight” rating and a $14.00 price objective for the company. Bank of America started coverage on Asana in a research note on Monday, February 26th. They set a “buy” rating and a $25.00 price objective for the company. Finally, Piper Sandler boosted their price objective on Asana from $16.00 to $18.00 and gave the company an “underweight” rating in a research note on Tuesday, January 2nd. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $20.67.

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.