Corebridge Financial Inc. Lowers Stock Holdings in Asana, Inc. (NYSE:ASAN)

Corebridge Financial Inc. reduced its holdings in Asana, Inc. (NYSE:ASAN) by 7.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,399 shares of the company’s stock after selling 3,049 shares during the period. Corebridge Financial Inc.’s holdings in Asana were worth $819,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bogart Wealth LLC purchased a new position in shares of Asana in the fourth quarter worth about $61,000. SBI Securities Co. Ltd. purchased a new position in Asana in the 4th quarter worth approximately $82,000. KBC Group NV boosted its holdings in shares of Asana by 58.8% during the 4th quarter. KBC Group NV now owns 5,612 shares of the company’s stock worth $114,000 after purchasing an additional 2,078 shares during the last quarter. Paloma Partners Management Co purchased a new stake in shares of Asana in the third quarter valued at approximately $143,000. Finally, TruNorth Capital Management LLC purchased a new stake in Asana in the 4th quarter valued at $163,000. 26.21% of the stock is currently owned by hedge funds and other institutional investors.

Asana Price Performance

Shares of NYSE ASAN opened at $14.16 on Friday. The company’s fifty day moving average is $18.46 and its two-hundred day moving average is $17.05. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a market capitalization of $3.30 billion, a P/E ratio of -12.64 and a beta of 1.23. Asana, Inc. has a one year low of $11.05 and a one year high of $27.77.

Insider Buying and Selling

In related news, Director Justin Rosenstein sold 196,067 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $21.78, for a total value of $4,270,339.26. Following the sale, the director now directly owns 1,651,242 shares of the company’s stock, valued at approximately $35,964,050.76. This represents a 10.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Dustin A. Moskovitz bought 225,000 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were acquired at an average price of $12.91 per share, with a total value of $2,904,750.00. Following the transaction, the chief executive officer now owns 48,123,436 shares of the company’s stock, valued at $621,273,558.76. The trade was a 0.47 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 1,349,507 shares of company stock valued at $19,281,993 and have sold 739,842 shares valued at $15,155,503. 63.97% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently commented on ASAN shares. Piper Sandler reduced their price target on shares of Asana from $27.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 11th. JMP Securities set a $22.00 target price on Asana in a research report on Tuesday, March 11th. Robert W. Baird decreased their price target on Asana from $23.00 to $13.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Scotiabank cut their price objective on Asana from $18.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, March 11th. Finally, UBS Group decreased their target price on shares of Asana from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $15.67.

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.