Redwood Wealth Management Group LLC Purchases New Position in Asana, Inc. (NYSE:ASAN)

Redwood Wealth Management Group LLC acquired a new stake in shares of Asana, Inc. (NYSE:ASAN) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 4,650 shares of the company’s stock, valued at approximately $65,000.

Several other large investors have also recently bought and sold shares of the company. Beacon Pointe Advisors LLC grew its holdings in shares of Asana by 13.0% in the 4th quarter. Beacon Pointe Advisors LLC now owns 38,276 shares of the company’s stock valued at $728,000 after buying an additional 4,401 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Asana by 6.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 696,277 shares of the company’s stock worth $13,236,000 after acquiring an additional 43,564 shares in the last quarter. Victory Capital Management Inc. acquired a new position in Asana in the fourth quarter valued at about $197,000. Bessemer Group Inc. increased its holdings in shares of Asana by 27.9% in the first quarter. Bessemer Group Inc. now owns 53,345 shares of the company’s stock worth $827,000 after acquiring an additional 11,640 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Asana by 15.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,782,797 shares of the company’s stock worth $33,891,000 after acquiring an additional 235,135 shares in the last quarter. Institutional investors own 26.21% of the company’s stock.

Asana Trading Up 3.5 %

Shares of NYSE:ASAN opened at $12.12 on Monday. The company’s 50-day moving average price is $13.45 and its two-hundred day moving average price is $14.36. Asana, Inc. has a one year low of $11.05 and a one year high of $23.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63. The stock has a market capitalization of $2.76 billion, a PE ratio of -10.36 and a beta of 1.16.

Asana (NYSE:ASAN) last released its earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. Asana had a negative return on equity of 81.88% and a negative net margin of 37.73%. The business had revenue of $179.21 million for the quarter, compared to analyst estimates of $177.68 million. During the same quarter in the prior year, the company posted ($0.31) earnings per share. Asana’s revenue was up 10.3% on a year-over-year basis. On average, equities analysts forecast that Asana, Inc. will post -1.14 EPS for the current fiscal year.

Asana announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 20th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to buy up to 5.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Asana

In related news, insider Eleanor B. Lacey sold 4,999 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $12.95, for a total value of $64,737.05. Following the completion of the transaction, the insider now directly owns 384,150 shares of the company’s stock, valued at $4,974,742.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Eleanor B. Lacey sold 4,999 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $12.95, for a total value of $64,737.05. Following the completion of the sale, the insider now directly owns 384,150 shares in the company, valued at approximately $4,974,742.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Tim M. Wan sold 28,856 shares of Asana stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $11.44, for a total value of $330,112.64. Following the transaction, the chief financial officer now owns 1,050,284 shares of the company’s stock, valued at approximately $12,015,248.96. The disclosure for this sale can be found here. Insiders have sold a total of 84,443 shares of company stock worth $1,026,976 in the last 90 days. Corporate insiders own 63.97% of the company’s stock.

Wall Street Analysts Forecast Growth

ASAN has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, September 4th. Bank of America reduced their price target on shares of Asana from $18.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Jefferies Financial Group lowered their price objective on shares of Asana from $17.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, May 31st. Oppenheimer cut their price objective on shares of Asana from $23.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Finally, Piper Sandler lowered their target price on Asana from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Asana has a consensus rating of “Hold” and a consensus price target of $14.67.

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.