Asana (NYSE:ASAN) Hits New 52-Week High - What's Next?

Asana, Inc. (NYSE:ASAN - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $26.50 and last traded at $26.22, with a volume of 1667667 shares changing hands. The stock had previously closed at $24.15.

Analyst Upgrades and Downgrades

ASAN has been the subject of several recent analyst reports. Bank of America reduced their price objective on shares of Asana from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, September 4th. Citigroup decreased their price target on shares of Asana from $15.00 to $13.00 and set a "neutral" rating for the company in a research note on Wednesday, September 4th. Piper Sandler increased their price objective on shares of Asana from $12.00 to $19.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. DA Davidson boosted their target price on Asana from $13.00 to $20.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. Finally, Jefferies Financial Group increased their price target on Asana from $13.00 to $16.00 and gave the stock a "hold" rating in a report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, Asana has a consensus rating of "Hold" and an average price target of $16.53.

Asana Price Performance

The company has a market capitalization of $6.30 billion, a P/E ratio of -24.65 and a beta of 1.22. The business's 50-day moving average is $14.98 and its two-hundred day moving average is $13.72. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insiders Place Their Bets

In other news, COO Anne Raimondi sold 29,807 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $11.99, for a total transaction of $357,385.93. Following the completion of the transaction, the chief operating officer now directly owns 761,088 shares of the company's stock, valued at $9,125,445.12. This represents a 3.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eleanor B. Lacey sold 9,308 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total transaction of $111,602.92. Following the sale, the insider now owns 375,310 shares of the company's stock, valued at approximately $4,499,966.90. The trade was a 2.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,092 shares of company stock valued at $527,668 in the last 90 days. 63.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Asana

Institutional investors and hedge funds have recently bought and sold shares of the company. Headlands Technologies LLC boosted its position in Asana by 327.9% during the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company's stock worth $41,000 after purchasing an additional 2,220 shares during the period. KBC Group NV boosted its holdings 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 buying an additional 1,211 shares during the period. Quest Partners LLC purchased a new position in Asana in the 3rd quarter valued at approximately $43,000. Redwood Wealth Management Group LLC bought a new stake in Asana during the 2nd quarter valued at $65,000. Finally, Daiwa Securities Group Inc. lifted its position in shares of Asana by 26.0% during the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company's stock worth $70,000 after acquiring an additional 1,028 shares in the last quarter. 26.21% of the stock is owned by institutional investors.

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.