Washington Capital Management Inc. Reduces Stock Position in Asana, Inc. (NYSE:ASAN)

Washington Capital Management Inc. trimmed its holdings in shares of Asana, Inc. (NYSE:ASAN - Free Report) by 67.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,500 shares of the company's stock after selling 22,000 shares during the quarter. Washington Capital Management Inc.'s holdings in Asana were worth $213,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC increased its stake in shares of Asana by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,863,703 shares of the company's stock worth $21,605,000 after purchasing an additional 12,055 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Asana by 105.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company's stock valued at $9,650,000 after purchasing an additional 427,576 shares during the period. Holocene Advisors LP boosted its stake in Asana by 62.2% in the 3rd quarter. Holocene Advisors LP now owns 305,167 shares of the company's stock valued at $3,537,000 after buying an additional 116,998 shares in the last quarter. Marshall Wace LLP acquired a new position in Asana during the second quarter worth $3,159,000. Finally, Neo Ivy Capital Management grew its holdings in shares of Asana by 195.1% in the 3rd quarter. Neo Ivy Capital Management now owns 169,454 shares of the company's stock worth $1,964,000 after purchasing an additional 112,038 shares during the last quarter. Institutional investors and hedge funds own 26.21% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Royal Bank of Canada reaffirmed an "underperform" rating and set a $10.00 price objective on shares of Asana in a report on Friday, December 6th. KeyCorp raised Asana from an "underweight" rating to a "sector weight" rating and set a $10.00 price target for the company in a report on Friday, December 6th. DA Davidson raised their price target on shares of Asana from $13.00 to $20.00 and gave the company a "neutral" rating in a report on Friday, December 6th. Piper Sandler upgraded Asana from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $19.00 to $27.00 in a research report on Monday, January 6th. Finally, JMP Securities upped their target price on shares of Asana from $21.00 to $25.00 and gave the company a "market outperform" rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Asana presently has a consensus rating of "Hold" and a consensus price target of $17.73.

Insider Buying and Selling

In other news, Director Justin Rosenstein sold 150,000 shares of Asana stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $20.01, for a total transaction of $3,001,500.00. Following the transaction, the director now owns 2,047,309 shares in the company, valued at approximately $40,966,653.09. The trade was a 6.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Anne Raimondi sold 27,233 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $21.71, for a total transaction of $591,228.43. Following the transaction, the chief operating officer now directly owns 733,855 shares in the company, valued at approximately $15,931,992.05. This represents a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 63.97% of the stock is owned by company insiders.

Asana Stock Performance

Asana stock traded down $0.33 during midday trading on Thursday, hitting $21.37. The company's stock had a trading volume of 3,284,360 shares, compared to its average volume of 3,187,129. The company has a 50-day moving average price of $20.11 and a two-hundred day moving average price of $15.44. The company has a market cap of $4.89 billion, a price-to-earnings ratio of -19.07 and a beta of 1.10. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.49 and a quick ratio of 1.49. Asana, Inc. has a 1-year low of $11.05 and a 1-year high of $27.77.

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.