Asana, Inc. (NYSE:ASAN) Stake Raised by GAMMA Investing LLC

GAMMA Investing LLC grew its holdings in shares of Asana, Inc. (NYSE:ASAN) by 5,815.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,820 shares of the company’s stock after buying an additional 9,654 shares during the period. GAMMA Investing LLC’s holdings in Asana were worth $1,430,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Voya Investment Management LLC raised its holdings in Asana by 8.1% during the fourth quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock worth $254,166,000 after purchasing an additional 937,726 shares in the last quarter. Voloridge Investment Management LLC raised its holdings in Asana by 25.6% during the fourth quarter. Voloridge Investment Management LLC now owns 2,149,680 shares of the company’s stock worth $43,574,000 after purchasing an additional 438,057 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Asana during the fourth quarter worth approximately $38,966,000. First Trust Advisors LP raised its holdings in Asana by 17.6% during the fourth quarter. First Trust Advisors LP now owns 1,743,981 shares of the company’s stock worth $35,350,000 after purchasing an additional 261,298 shares in the last quarter. Finally, Two Sigma Investments LP raised its holdings in Asana by 288.1% during the fourth quarter. Two Sigma Investments LP now owns 1,405,088 shares of the company’s stock worth $28,481,000 after purchasing an additional 1,043,047 shares in the last quarter. Institutional investors own 26.21% of the company’s stock.

Asana Price Performance

Shares of NYSE:ASAN opened at $13.21 on Friday. The company’s fifty day moving average is $16.27 and its two-hundred day moving average is $18.26. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. Asana, Inc. has a 12-month low of $11.05 and a 12-month high of $27.77. The company has a market cap of $3.08 billion, a P/E ratio of -11.79 and a beta of 1.23.

Asana (NYSE:ASAN) last announced its earnings results on Tuesday, June 3rd. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.03. Asana had a negative net margin of 36.17% and a negative return on equity of 86.84%. The company had revenue of $187.63 million for the quarter, compared to the consensus estimate of $185.40 million. During the same period in the previous year, the business earned ($0.06) EPS. The company’s revenue was up 8.6% on a year-over-year basis. Equities analysts expect that Asana, Inc. will post -1.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Asana

In related news, CEO Dustin A. Moskovitz purchased 225,000 shares of the stock in a transaction dated Monday, March 17th. The shares were acquired at an average cost of $14.02 per share, for a total transaction of $3,154,500.00. Following the acquisition, the chief executive officer now directly owns 48,573,436 shares in the company, valued at approximately $680,999,572.72. The trade was a 0.47% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Anne Raimondi sold 18,775 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $14.03, for a total transaction of $263,413.25. Following the transaction, the chief operating officer now owns 716,580 shares in the company, valued at approximately $10,053,617.40. This represents a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought a total of 1,849,507 shares of company stock valued at $27,120,993 in the last three months. 61.28% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently commented on ASAN. Royal Bank of Canada reissued an “underperform” rating and set a $10.00 target price on shares of Asana in a report on Wednesday, June 4th. Bank of America dropped their target price on Asana from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, June 4th. DA Davidson dropped their target price on Asana from $20.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. JPMorgan Chase & Co. upped their price target on Asana from $13.00 to $14.00 and gave the company an “underweight” rating in a report on Wednesday, June 4th. Finally, Piper Sandler upped their price target on Asana from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Wednesday, June 4th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Asana presently has a consensus rating of “Hold” and an average target price of $15.97.

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.