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

Asana, Inc. (NYSE:ASAN - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $21.82, but opened at $23.30. Asana shares last traded at $22.74, with a volume of 1,350,901 shares traded.

Analyst Ratings Changes

ASAN has been the subject of several analyst reports. Piper Sandler reaffirmed an "overweight" rating and set a $27.00 target price on shares of Asana in a research report on Thursday, February 6th. JPMorgan Chase & Co. increased their price target on Asana from $13.00 to $15.00 and gave the stock an "underweight" rating in a report on Friday, December 6th. JMP Securities boosted their target price 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. Citigroup raised their price objective on Asana from $16.00 to $20.00 and gave the company a "neutral" rating in a research note on Thursday, January 16th. Finally, Jefferies Financial Group raised their target price on Asana from $16.00 to $19.00 and gave the company a "hold" rating in a research report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $17.73.

Asana Stock Up 6.1 %

The firm has a 50-day moving average of $21.45 and a two-hundred day moving average of $15.97. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $5.55 billion, a price-to-earnings ratio of -21.66 and a beta of 1.11.

Insider Activity at Asana

In related news, COO Anne Raimondi sold 27,233 shares of the business's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Justin Rosenstein sold 196,067 shares of Asana stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $21.78, for a total value of $4,270,339.26. Following the sale, the director now directly owns 1,651,242 shares of the company's stock, valued at approximately $35,964,050.76. This trade represents a 10.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 573,300 shares of company stock worth $12,197,068 in the last ninety days. 63.97% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Asana

A number of hedge funds and other institutional investors have recently made changes to their positions in ASAN. KBC Group NV boosted its position in shares of Asana by 52.1% during the third 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 acquired a new stake in Asana in the third quarter valued at $43,000. Bogart Wealth LLC bought a new position in shares of Asana in the 4th quarter valued at about $61,000. SBI Securities Co. Ltd. acquired a new position in Asana during the fourth quarter worth approximately $82,000. Finally, MQS Management LLC bought a new stake in Asana in the 3rd quarter valued at $141,000. 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.