Short Interest in Asana, Inc. (NYSE:ASAN) Increases By 5.6%

Asana, Inc. (NYSE:ASAN) saw a significant increase in short interest in October. As of October 31st, there was short interest totalling 9,030,000 shares, an increase of 5.6% from the October 15th total of 8,550,000 shares. Based on an average daily volume of 1,820,000 shares, the days-to-cover ratio is currently 5.0 days. Approximately 11.0% of the shares of the stock are sold short.

Insider Activity at Asana

In other news, insider Eleanor B. Lacey sold 9,308 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $11.99, for a total transaction of $111,602.92. Following the sale, the insider now directly owns 375,310 shares in the company, valued at approximately $4,499,966.90. This represents a 2.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Anne Raimondi sold 29,807 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.99, for a total value of $357,385.93. Following the sale, the chief operating officer now directly owns 761,088 shares in the company, valued at $9,125,445.12. The trade was a 3.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,092 shares of company stock valued at $527,668 over the last 90 days. 63.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Asana

A number of large investors have recently bought and sold shares of ASAN. Susquehanna Fundamental Investments LLC acquired a new stake in Asana during the 2nd quarter valued at approximately $3,050,000. Point72 Asset Management L.P. acquired a new position in Asana during the second quarter valued at $17,100,000. Marshall Wace LLP purchased a new stake in Asana in the second quarter valued at $3,159,000. Bessemer Group Inc. grew its position in Asana by 27.9% during the 1st quarter. Bessemer Group Inc. now owns 53,345 shares of the company’s stock worth $827,000 after purchasing an additional 11,640 shares during the period. Finally, Olympiad Research LP acquired a new stake in Asana during the 3rd quarter worth about $792,000. Hedge funds and other institutional investors own 26.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Robert W. Baird reduced their price target on shares of Asana from $20.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Morgan Stanley decreased their price target on shares of Asana from $19.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 20th. JPMorgan Chase & Co. dropped their price objective on Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $10.00 target price on shares of Asana in a research report on Wednesday, October 23rd. Finally, KeyCorp dropped their price target on Asana from $12.00 to $10.00 and set an “underweight” rating on the stock in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $14.27.

Asana Stock Performance

Asana stock traded down $0.03 during mid-day trading on Tuesday, reaching $13.78. 1,061,200 shares of the company traded hands, compared to its average volume of 1,987,070. The firm’s fifty day moving average is $12.32 and its two-hundred day moving average is $13.26. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of -12.02 and a beta of 1.13. Asana has a fifty-two week low of $11.05 and a fifty-two week high of $23.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.63 and a quick ratio of 1.63.

Asana (NYSE:ASAN) last issued its earnings results on Tuesday, September 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The company had revenue of $179.21 million during the quarter, compared to analyst estimates of $177.68 million. Asana had a negative return on equity of 81.88% and a negative net margin of 37.73%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.31) EPS. On average, equities research analysts expect that Asana will post -1.14 earnings per share for the current fiscal year.

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.