Bank of America Corp DE Cuts Stock Holdings in Asana, Inc. (NYSE:ASAN)

Bank of America Corp DE reduced its position in shares of Asana, Inc. (NYSE:ASAN) by 71.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 151,267 shares of the company’s stock after selling 386,125 shares during the period. Bank of America Corp DE owned approximately 0.07% of Asana worth $3,066,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new position in Asana in the fourth quarter valued at about $2,349,000. Meeder Asset Management Inc. increased its holdings in Asana by 49.2% in the fourth quarter. Meeder Asset Management Inc. now owns 77,576 shares of the company’s stock valued at $1,572,000 after buying an additional 25,564 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Asana by 7.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 694,792 shares of the company’s stock valued at $14,083,000 after buying an additional 48,831 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Asana in the fourth quarter valued at about $1,310,000. Finally, Barclays PLC grew its position in shares of Asana by 103.0% in the third quarter. Barclays PLC now owns 165,753 shares of the company’s stock valued at $1,920,000 after purchasing an additional 84,114 shares during the last quarter. 26.21% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Justin Rosenstein sold 25,000 shares of Asana stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $12.89, for a total transaction of $322,250.00. Following the sale, the director now owns 922,309 shares of the company’s stock, valued at $11,888,563.01. The trade was a 2.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Dustin A. Moskovitz purchased 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 15th. The shares were purchased at an average cost of $15.84 per share, for a total transaction of $792,000.00. Following the purchase, the chief executive officer now directly owns 51,398,436 shares in the company, valued at $814,151,226.24. This trade represents a 0.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 2,074,507 shares of company stock valued at $30,025,743. Company insiders own 61.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ASAN shares. Robert W. Baird lowered their price target on shares of Asana from $23.00 to $13.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. JPMorgan Chase & Co. lowered their price target on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 11th. UBS Group lowered their price target 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. Jefferies Financial Group lowered their price target on shares of Asana from $19.00 to $15.00 and set a “hold” rating on the stock in a research report on Tuesday, March 11th. Finally, Bank of America lowered their price target on shares of Asana from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Tuesday, March 11th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $15.53.

Asana Stock Performance

Shares of ASAN stock opened at $17.90 on Friday. The company’s fifty day simple moving average is $16.17 and its 200-day simple moving average is $18.22. Asana, Inc. has a 52 week low of $11.05 and a 52 week 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. The company has a market cap of $4.17 billion, a PE ratio of -15.98 and a beta of 1.21.

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.