Asana (NYSE:ASAN) Shares Gap Down - Here's Why

Asana, Inc. (NYSE:ASAN - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $22.37, but opened at $21.58. Asana shares last traded at $21.66, with a volume of 508,562 shares changing hands.

Analyst Upgrades and Downgrades

ASAN has been the subject of several research reports. JMP Securities upped their price target on shares of Asana from $21.00 to $25.00 and gave the stock a "market outperform" rating in a research report on Friday, December 6th. JPMorgan Chase & Co. upped their target price on Asana from $13.00 to $15.00 and gave the stock an "underweight" rating in a report on Friday, December 6th. Robert W. Baird lifted their price target on Asana from $13.00 to $19.00 and gave the company a "neutral" rating in a report on Friday, December 6th. Citigroup reduced their target price on shares of Asana from $15.00 to $13.00 and set a "neutral" rating for the company in a report on Wednesday, September 4th. Finally, Scotiabank raised their price target on shares of Asana from $15.00 to $18.00 and gave the company a "sector perform" rating in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $16.53.

Asana Stock Performance

The firm's fifty day moving average price is $15.72 and its two-hundred day moving average price is $13.94. The stock has a market capitalization of $4.96 billion, a PE ratio of -19.36 and a beta of 1.22. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insiders Place Their Bets

In other Asana news, insider Eleanor B. Lacey sold 4,977 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.79, for a total transaction of $58,678.83. Following the transaction, the insider now directly owns 370,333 shares of the company's stock, valued at $4,366,226.07. This trade represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 63.97% of the company's stock.

Institutional Investors Weigh In On Asana

Large investors have recently modified their holdings of the business. Headlands Technologies LLC lifted 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 buying an additional 2,220 shares in the last quarter. KBC Group NV raised its holdings in shares of Asana by 52.1% during the 3rd quarter. KBC Group NV now owns 3,534 shares of the company's stock worth $41,000 after acquiring an additional 1,211 shares during the period. Quest Partners LLC purchased a new position in shares of Asana during the 3rd quarter worth $43,000. Redwood Wealth Management Group LLC acquired a new position in shares of Asana during the 2nd quarter valued at about $65,000. Finally, Daiwa Securities Group Inc. increased its position in 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 purchasing an additional 1,028 shares during the last quarter. Hedge funds and other institutional investors 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.