Asana (NYSE:ASAN) Sets New 1-Year High Following Insider Buying Activity

Asana, Inc. (NYSE:ASAN)’s stock price reached a new 52-week high during mid-day trading on Thursday after an insider bought additional shares in the company. The company traded as high as $44.05 and last traded at $43.88, with a volume of 17154 shares traded. The stock had previously closed at $41.15.

Specifically, CFO Tim M. Wan sold 40,000 shares of the business’s stock in a transaction dated Monday, March 15th. The stock was sold at an average price of $32.85, for a total transaction of $1,314,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eleanor B. Lacey sold 21,500 shares of the business’s stock in a transaction dated Monday, March 15th. The shares were sold at an average price of $32.84, for a total value of $706,060.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 133,644 shares of company stock valued at $4,437,663. Corporate insiders own 54.43% of the company’s stock.

A number of research firms have recently weighed in on ASAN. Credit Suisse Group lifted their price objective on Asana from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, March 11th. Morgan Stanley lifted their price objective on Asana from $34.00 to $37.00 and gave the company an “equal weight” rating in a research report on Friday, June 4th. Robert W. Baird lifted their price objective on Asana from $40.00 to $50.00 and gave the company an “outperform” rating in a research report on Thursday. Piper Sandler lifted their price objective on Asana from $45.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, June 4th. Finally, Royal Bank of Canada lifted their price objective on Asana from $39.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, June 4th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. Asana presently has an average rating of “Buy” and a consensus price target of $38.54.

The company has a market capitalization of $7.49 billion and a PE ratio of -31.04. The firm’s 50-day moving average is $33.67.

Asana (NYSE:ASAN) last released its earnings results on Wednesday, June 2nd. The company reported ($0.21) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.06. The company had revenue of $76.67 million for the quarter, compared to the consensus estimate of $70.14 million. The business’s revenue for the quarter was up 60.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.31) EPS. On average, equities research analysts expect that Asana, Inc. will post -1.4 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in ASAN. Close Asset Management Ltd bought a new position in Asana in the 1st quarter valued at $29,000. Cypress Point Wealth Management LLC bought a new position in shares of Asana during the 4th quarter worth $30,000. Valeo Financial Advisors LLC grew its position in shares of Asana by 150.4% during the 1st quarter. Valeo Financial Advisors LLC now owns 1,217 shares of the company’s stock worth $35,000 after buying an additional 731 shares in the last quarter. Global Wealth Management Investment Advisory Inc. grew its position in shares of Asana by 87.7% during the 4th quarter. Global Wealth Management Investment Advisory Inc. now owns 1,295 shares of the company’s stock worth $38,000 after buying an additional 605 shares in the last quarter. Finally, HM Payson & Co. bought a new position in shares of Asana during the 4th quarter worth $40,000. 26.57% of the stock is currently owned by institutional investors.

About Asana (NYSE:ASAN)

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. It provides a work management platform as software as service that enables individuals and teams to get work done faster while enhancing employee engagement by allowing everyone to see how their work connects to the mission of an organization.

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