Asana, Inc. (NYSE:ASAN) Sees Significant Increase in Short Interest

Asana, Inc. (NYSE:ASAN) was the target of a large increase in short interest in December. As of December 15th, there was short interest totalling 10,300,000 shares, an increase of 40.7% from the November 30th total of 7,320,000 shares. Based on an average daily trading volume, of 2,960,000 shares, the short-interest ratio is currently 3.5 days. Approximately 12.5% of the company’s shares are sold short.

Insider Activity at Asana

In other Asana news, COO Anne Raimondi sold 27,233 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $21.71, for a total transaction of $591,228.43. Following the sale, the chief operating officer now directly owns 733,855 shares in the company, valued at approximately $15,931,992.05. This trade represents a 3.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 63.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Asana

A number of hedge funds and other institutional investors have recently bought and sold shares of ASAN. Headlands Technologies LLC lifted its position in shares of Asana by 327.9% in the second quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock valued at $41,000 after buying an additional 2,220 shares during the last quarter. KBC Group NV lifted its holdings in Asana by 52.1% during the 3rd quarter. KBC Group NV now owns 3,534 shares of the company’s stock valued at $41,000 after purchasing an additional 1,211 shares during the last quarter. Quest Partners LLC bought a new position in Asana during the third quarter worth $43,000. Redwood Wealth Management Group LLC acquired a new position in shares of Asana in the second quarter valued at $65,000. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Asana by 26.0% in the second quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after purchasing an additional 1,028 shares during the last quarter. Institutional investors own 26.21% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on ASAN. Morgan Stanley boosted their price objective on shares of Asana from $14.00 to $18.00 and gave the company an “equal weight” rating in a research report on Friday, December 6th. JMP Securities upped their price objective on Asana from $21.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday, December 6th. Jefferies Financial Group lifted their target price on Asana from $13.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Oppenheimer boosted their target price on Asana from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, DA Davidson raised their price target on shares of Asana from $13.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $16.53.

Asana Stock Performance

Shares of ASAN traded down $0.96 during midday trading on Monday, reaching $20.63. The stock had a trading volume of 2,612,826 shares, compared to its average volume of 2,327,980. The firm has a market cap of $4.72 billion, a PE ratio of -18.42 and a beta of 1.22. The firm has a 50 day simple moving average of $16.89 and a 200-day simple moving average of $14.30. Asana has a one year low of $11.05 and a one year high of $27.77. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17.

Asana Company 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.