Norges Bank Invests $4.62 Million in Asana, Inc. (NYSE:ASAN)

Norges Bank acquired a new position in shares of Asana, Inc. (NYSE:ASAN - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 227,788 shares of the company's stock, valued at approximately $4,617,000. Norges Bank owned about 0.10% of Asana at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of ASAN. FMR LLC grew its position in shares of Asana by 1,419.9% in the 3rd 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. Quadrature Capital Ltd acquired a new position in Asana in the third quarter valued at $189,000. XTX Topco Ltd purchased a new position in shares of Asana during the third quarter worth about $538,000. Barclays PLC increased its position in shares of Asana by 103.0% during the third quarter. Barclays PLC now owns 165,753 shares of the company's stock worth $1,920,000 after purchasing an additional 84,114 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Asana by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company's stock valued at $21,605,000 after purchasing an additional 12,055 shares during the last quarter. 26.21% of the stock is owned by hedge funds and other institutional investors.

Asana Trading Up 2.9 %

ASAN traded up $0.46 during midday trading on Tuesday, hitting $16.01. The company's stock had a trading volume of 504,934 shares, compared to its average volume of 3,420,394. Asana, Inc. has a 52-week low of $11.05 and a 52-week high of $27.77. The firm has a 50-day moving average price of $17.43 and a two-hundred day moving average price of $17.22. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17. The firm has a market cap of $3.73 billion, a P/E ratio of -14.29 and a beta of 1.23.

Remove Ads

Insider Activity

In related news, Director Justin Rosenstein sold 200,000 shares of the firm's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $21.67, for a total transaction of $4,334,000.00. Following the sale, the director now directly owns 1,847,309 shares in the company, valued at approximately $40,031,186.03. This trade represents a 9.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Anne Raimondi sold 18,775 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $14.03, for a total value of $263,413.25. Following the transaction, the chief operating officer now directly owns 716,580 shares in the company, valued at $10,053,617.40. This trade represents a 2.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have bought 2,024,507 shares of company stock valued at $29,233,743 and have sold 739,842 shares valued at $15,155,503. Corporate insiders own 63.97% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ASAN. JMP Securities set a $22.00 price objective on Asana in a report on Tuesday, March 11th. Bank of America lowered their price objective on shares of Asana from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Tuesday, March 11th. Piper Sandler reduced their target price on shares of Asana from $27.00 to $18.00 and set an "overweight" rating for the company in a report on Tuesday, March 11th. Robert W. Baird decreased their target price on shares of Asana from $23.00 to $13.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. Finally, UBS Group dropped their price target on Asana from $18.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 11th. Two 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $15.67.

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.