Short Interest in Asana, Inc. (NYSE:ASAN) Declines By 37.4%

Asana, Inc. (NYSE:ASAN - Get Free Report) saw a large drop in short interest in March. As of March 15th, there was short interest totalling 7,190,000 shares, a drop of 37.4% from the February 28th total of 11,480,000 shares. Approximately 8.2% of the shares of the company are short sold. Based on an average trading volume of 3,660,000 shares, the days-to-cover ratio is currently 2.0 days.

Wall Street Analyst Weigh In

ASAN has been the topic of a number of recent analyst reports. Royal Bank of Canada reaffirmed an "underperform" rating and set a $10.00 price target on shares of Asana in a report on Friday, December 6th. DA Davidson cut their target price on Asana from $20.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. Piper Sandler reduced their price target on Asana from $27.00 to $18.00 and set an "overweight" rating for the company in a research report on Tuesday, March 11th. Robert W. Baird lowered their target price on shares of Asana from $23.00 to $13.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. Finally, Scotiabank decreased their price objective on shares of Asana from $18.00 to $12.00 and set a "sector perform" rating for the company in a report on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $15.67.

Remove Ads

Asana Price Performance

Shares of ASAN traded up $0.78 during trading hours on Wednesday, hitting $16.09. 3,130,974 shares of the company were exchanged, compared to its average volume of 2,669,393. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market capitalization of $3.75 billion, a PE ratio of -14.37 and a beta of 1.13. The firm has a fifty day simple moving average of $18.69 and a 200-day simple moving average of $17.02. Asana has a one year low of $11.05 and a one year high of $27.77.

Insider Transactions at Asana

In related news, Director Justin Rosenstein sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $12.89, for a total transaction of $322,250.00. Following the completion of the transaction, the director now owns 922,309 shares in the company, valued at $11,888,563.01. The trade was a 2.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Dustin A. Moskovitz purchased 225,000 shares of Asana stock in a transaction dated Thursday, March 13th. The shares were purchased at an average cost of $12.91 per share, with a total value of $2,904,750.00. Following the acquisition, the chief executive officer now owns 48,123,436 shares of the company's stock, valued at approximately $621,273,558.76. This trade represents a 0.47 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 1,349,507 shares of company stock worth $19,281,993 and sold 739,842 shares worth $15,155,503. Insiders own 63.97% of the company's stock.

Institutional Investors Weigh In On Asana

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its holdings in Asana by 105.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company's stock worth $9,650,000 after buying an additional 427,576 shares during the period. XTX Topco Ltd acquired a new stake in shares of Asana during the third quarter valued at approximately $538,000. Neo Ivy Capital Management raised its holdings in shares of Asana by 195.1% during the third quarter. Neo Ivy Capital Management now owns 169,454 shares of the company's stock valued at $1,964,000 after acquiring an additional 112,038 shares during the period. Virtu Financial LLC purchased a new stake in shares of Asana in the 4th quarter valued at approximately $2,349,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Asana by 7.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 694,792 shares of the company's stock worth $14,083,000 after purchasing an additional 48,831 shares during the period. 26.21% of the stock is owned by hedge funds and other institutional investors.

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.