Asana (NYSE:ASAN) Shares Gap Up - Time to Buy?

Shares of Asana, Inc. (NYSE:ASAN - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $21.35, but opened at $22.37. Asana shares last traded at $22.29, with a volume of 645,124 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ASAN shares. Royal Bank of Canada reissued an "underperform" rating and set a $10.00 price objective on shares of Asana in a report on Friday, December 6th. Jefferies Financial Group increased their price objective on Asana from $16.00 to $19.00 and gave the company a "hold" rating in a report on Monday, January 6th. Piper Sandler raised Asana from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $19.00 to $27.00 in a report on Monday, January 6th. Oppenheimer upped their target price on Asana from $20.00 to $22.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. Finally, Robert W. Baird raised their price target on shares of Asana from $13.00 to $19.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Asana currently has a consensus rating of "Hold" and an average target price of $17.73.

Asana Stock Performance

The firm has a fifty day moving average price of $20.46 and a 200 day moving average price of $15.60. 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 market cap of $5.01 billion, a PE ratio of -19.57 and a beta of 1.11.

Insiders Place Their Bets

In other Asana news, Director Justin Rosenstein sold 200,000 shares of the business's stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $21.67, for a total value of $4,334,000.00. Following the sale, the director now owns 1,847,309 shares of the company's stock, valued at $40,031,186.03. The trade was a 9.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Anne Raimondi sold 27,233 shares of Asana stock in a transaction on Friday, December 20th. The shares were sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the sale, the chief operating officer now directly owns 733,855 shares of the company's stock, valued at $15,931,992.05. The trade was a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 377,233 shares of company stock valued at $7,926,728 over the last quarter. 63.97% 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 stock. TruNorth Capital Management LLC acquired a new stake in Asana in the fourth quarter valued at $163,000. Bank of New York Mellon Corp raised its position in shares of Asana by 1.5% during the 4th quarter. Bank of New York Mellon Corp now owns 805,649 shares of the company's stock worth $16,331,000 after acquiring an additional 11,896 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in Asana by 19.0% during the fourth quarter. Handelsbanken Fonder AB now owns 18,200 shares of the company's stock worth $369,000 after purchasing an additional 2,900 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Asana by 13.6% in the fourth quarter. New York State Common Retirement Fund now owns 25,300 shares of the company's stock valued at $513,000 after purchasing an additional 3,038 shares in the last quarter. Finally, Paradice Investment Management LLC acquired a new position in Asana in the fourth quarter valued at approximately $22,507,000. 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.