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

Asana, Inc. (NYSE:ASAN - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $14.27, but opened at $13.75. Asana shares last traded at $14.10, with a volume of 370,005 shares traded.

Analyst Upgrades and Downgrades

Several research firms have commented on ASAN. Jefferies Financial Group lowered their price target on Asana from $19.00 to $15.00 and set a "hold" rating for the company in a report on Tuesday, March 11th. Piper Sandler decreased their target price on shares of Asana from $27.00 to $18.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 11th. Royal Bank of Canada reaffirmed an "underperform" rating and set a $10.00 price target on shares of Asana in a research report on Friday, December 6th. Oppenheimer boosted their price objective on shares of Asana from $20.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, December 6th. Finally, KeyCorp raised Asana from an "underweight" rating to a "sector weight" rating and set a $10.00 target price on the stock in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $15.67.

Asana Stock Up 2.4 %

The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. The firm has a 50-day moving average of $19.39 and a 200 day moving average of $16.86. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of -13.21 and a beta of 1.13.

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Insider Activity

In other Asana news, CEO Dustin A. Moskovitz purchased 225,000 shares of Asana stock in a transaction that occurred on Monday, March 17th. The stock was purchased at an average price of $14.02 per share, with a total value of $3,154,500.00. Following the completion of the acquisition, the chief executive officer now owns 48,573,436 shares of the company's stock, valued at approximately $680,999,572.72. This trade represents a 0.47 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Justin Rosenstein sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $12.89, for a total value of $322,250.00. Following the sale, the director now owns 922,309 shares of the company's stock, valued at approximately $11,888,563.01. This trade represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders bought 675,000 shares of company stock worth $9,285,750 and sold 721,067 shares worth $14,892,089. Insiders own 63.97% of the company's stock.

Hedge Funds Weigh In On Asana

Several institutional investors and hedge funds have recently made changes to their positions in ASAN. KBC Group NV raised its holdings in Asana by 52.1% in the third quarter. KBC Group NV now owns 3,534 shares of the company's stock valued at $41,000 after acquiring an additional 1,211 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Asana in the 3rd quarter valued at about $43,000. Intech Investment Management LLC bought a new position in shares of Asana during the third quarter worth about $456,000. Quantbot Technologies LP grew its stake in Asana by 157.7% in the third quarter. Quantbot Technologies LP now owns 26,008 shares of the company's stock worth $301,000 after purchasing an additional 15,917 shares in the last quarter. Finally, FMR LLC increased its holdings in Asana by 1,419.9% in the third quarter. FMR LLC now owns 24,029 shares of the company's stock valued at $278,000 after buying an additional 22,448 shares during the last quarter. 26.21% of the stock is currently owned by hedge funds and other 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.