Asana (NYSE:ASAN) Hits New 52-Week Low at $13.43

Shares of Asana, Inc. (NYSE:ASAN) hit a new 52-week low on Tuesday . The stock traded as low as $13.43 and last traded at $13.52, with a volume of 205427 shares trading hands. The stock had previously closed at $13.86.

Analyst Ratings Changes

Several brokerages have recently commented on ASAN. Bank of America began coverage on Asana in a report on Monday, February 26th. They set a “buy” rating and a $25.00 target price for the company. Piper Sandler upped their target price on Asana from $16.00 to $18.00 and gave the company an “underweight” rating in a report on Tuesday, January 2nd. Finally, KeyCorp began coverage on Asana in a report on Thursday, March 21st. They set an “underweight” rating and a $14.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.67.

Asana Stock Performance

The firm has a 50 day moving average of $16.92 and a 200-day moving average of $18.32. The stock has a market capitalization of $3.08 billion, a PE ratio of -11.72 and a beta of 1.22. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.80 and a current ratio of 1.80.

Asana (NYSE:ASAN) last announced its quarterly earnings data on Monday, March 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.06. The firm had revenue of $171.14 million during the quarter, compared to the consensus estimate of $167.59 million. Asana had a negative return on equity of 75.22% and a negative net margin of 39.39%. Research analysts forecast that Asana, Inc. will post -1.08 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Eleanor B. Lacey sold 4,462 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $15.47, for a total transaction of $69,027.14. Following the completion of the sale, the insider now directly owns 220,739 shares of the company’s stock, valued at approximately $3,414,832.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Tim M. Wan sold 10,105 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $15.38, for a total transaction of $155,414.90. Following the completion of the sale, the chief financial officer now directly owns 753,888 shares of the company’s stock, valued at approximately $11,594,797.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eleanor B. Lacey sold 4,462 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $15.47, for a total value of $69,027.14. Following the sale, the insider now directly owns 220,739 shares of the company’s stock, valued at $3,414,832.33. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,733 shares of company stock valued at $488,886. Corporate insiders own 63.26% of the company’s stock.

Institutional Investors Weigh In On Asana

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. AlphaCrest Capital Management LLC acquired a new position in shares of Asana during the 1st quarter valued at about $441,000. Bank of Montreal Can increased its holdings in shares of Asana by 28.8% during the 1st quarter. Bank of Montreal Can now owns 88,411 shares of the company’s stock valued at $3,689,000 after acquiring an additional 19,777 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Asana by 53.5% during the 1st quarter. MetLife Investment Management LLC now owns 39,495 shares of the company’s stock valued at $1,579,000 after acquiring an additional 13,757 shares during the last quarter. Panagora Asset Management Inc. increased its holdings in shares of Asana by 170.0% during the 1st quarter. Panagora Asset Management Inc. now owns 14,596 shares of the company’s stock valued at $583,000 after acquiring an additional 9,191 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Asana by 2.3% during the 1st quarter. Rhumbline Advisers now owns 76,708 shares of the company’s stock valued at $3,066,000 after acquiring an additional 1,716 shares during the last quarter. 26.21% of the stock is owned by hedge funds and other institutional investors.

About Asana

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.