Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Asana, Inc. (NYSE:ASAN)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Asana, Inc. (NYSE:ASAN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 581,207 shares of the company's stock, valued at approximately $11,781,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.25% of Asana at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ASAN. Edgestream Partners L.P. acquired a new position in Asana during the 4th quarter valued at about $2,547,000. Raymond James Financial Inc. bought a new stake in Asana during the fourth quarter worth $1,352,000. Charles Schwab Investment Management Inc. raised its position in Asana by 7.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 694,792 shares of the company's stock valued at $14,083,000 after buying an additional 48,831 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Asana during the 4th quarter valued at $82,000. Finally, Versor Investments LP purchased a new position in Asana during the 4th quarter worth $389,000. Institutional investors and hedge funds own 26.21% of the company's stock.

Asana Stock Performance

ASAN stock traded up $0.24 during midday trading on Wednesday, reaching $14.25. 3,289,731 shares of the company's stock traded hands, compared to its average volume of 2,565,948. The firm has a market capitalization of $3.26 billion, a PE ratio of -12.72 and a beta of 1.13. Asana, Inc. has a 52 week low of $11.05 and a 52 week high of $27.77. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. The company has a 50-day moving average price of $19.71 and a two-hundred day moving average price of $16.84.

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Analysts Set New Price Targets

A number of research firms recently weighed in on ASAN. Jefferies Financial Group dropped their price target on shares of Asana from $19.00 to $15.00 and set a "hold" rating on the stock in a research report on Tuesday, March 11th. Robert W. Baird reduced their target price on Asana from $23.00 to $13.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. DA Davidson dropped their price target on Asana from $20.00 to $12.00 and set a "neutral" rating on the stock in a report on Tuesday, March 11th. UBS Group reduced their price objective on Asana from $18.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. Finally, Royal Bank of Canada reiterated an "underperform" rating and set a $10.00 target price on shares of Asana in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $15.67.

Insiders Place Their Bets

In other Asana news, Director Justin Rosenstein sold 25,000 shares of the firm's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $12.89, for a total transaction of $322,250.00. Following the sale, the director now owns 922,309 shares in the company, valued at $11,888,563.01. This trade represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Dustin A. Moskovitz acquired 225,000 shares of Asana stock in a transaction dated Thursday, March 13th. The shares were purchased at an average price of $12.91 per share, for a total transaction of $2,904,750.00. Following the completion of the transaction, the chief executive officer now directly owns 48,123,436 shares in the company, valued at approximately $621,273,558.76. The trade was a 0.47 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 748,300 shares of company stock worth $15,483,318 in the last quarter. 63.97% of the stock is owned by company insiders.

Asana 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.