Asana, Inc. (NYSE:ASAN) Short Interest Down 15.6% in May

Asana, Inc. (NYSE:ASANGet Rating) was the recipient of a large decrease in short interest in the month of May. As of May 31st, there was short interest totalling 15,470,000 shares, a decrease of 15.6% from the May 15th total of 18,340,000 shares. Based on an average trading volume of 5,300,000 shares, the days-to-cover ratio is presently 2.9 days. Approximately 21.2% of the company’s stock are sold short.

ASAN has been the subject of several research analyst reports. JPMorgan Chase & Co. cut Asana from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $66.00 to $32.00 in a research note on Thursday, March 10th. They noted that the move was a valuation call. Royal Bank of Canada dropped their price target on Asana from $60.00 to $38.00 and set a “sector perform” rating on the stock in a research report on Thursday, March 10th. Oppenheimer dropped their price target on Asana from $60.00 to $40.00 and set an “outperform” rating on the stock in a research report on Friday, June 3rd. JMP Securities dropped their price target on Asana from $63.00 to $43.00 and set a “market outperform” rating on the stock in a research report on Friday, June 3rd. Finally, KeyCorp dropped their price target on Asana from $97.00 to $61.00 and set an “overweight” rating on the stock in a research report on Thursday, March 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $46.50.

In other news, insider Eleanor B. Lacey sold 4,167 shares of the stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $29.50, for a total transaction of $122,926.50. Following the completion of the transaction, the insider now directly owns 165,076 shares in the company, valued at approximately $4,869,742. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Eleanor B. Lacey sold 8,333 shares of the stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $40.40, for a total value of $336,653.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,667 shares of company stock valued at $572,089. 54.43% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of ASAN. Discovery Value Fund acquired a new position in shares of Asana during the fourth quarter valued at $97,555,000. Champlain Investment Partners LLC boosted its stake in Asana by 26.5% during the first quarter. Champlain Investment Partners LLC now owns 5,708,224 shares of the company’s stock valued at $228,158,000 after buying an additional 1,194,595 shares in the last quarter. BlackRock Inc. boosted its stake in Asana by 17.3% during the fourth quarter. BlackRock Inc. now owns 6,121,980 shares of the company’s stock valued at $456,394,000 after buying an additional 903,307 shares in the last quarter. Morgan Stanley boosted its stake in Asana by 621.7% during the second quarter. Morgan Stanley now owns 1,018,489 shares of the company’s stock valued at $63,177,000 after buying an additional 877,373 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Asana by 1,624.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 506,183 shares of the company’s stock valued at $20,232,000 after buying an additional 476,835 shares in the last quarter. 92.50% of the stock is currently owned by institutional investors.

Shares of NYSE ASAN opened at $17.45 on Friday. Asana has a 1-year low of $16.20 and a 1-year high of $145.79. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. The business’s fifty day moving average price is $24.70 and its two-hundred day moving average price is $45.33. The firm has a market capitalization of $3.32 billion, a PE ratio of -9.86 and a beta of 1.95.

Asana (NYSE:ASANGet Rating) last issued its quarterly earnings results on Thursday, June 2nd. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.06. The company had revenue of $120.65 million for the quarter, compared to analyst estimates of $115.11 million. Asana had a negative return on equity of 144.13% and a negative net margin of 77.31%. The company’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same period last year, the company earned ($0.31) earnings per share. Equities research analysts expect that Asana will post -2.15 earnings per share for the current fiscal year.

About Asana (Get Rating)

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. The company's platform enables teams to orchestrate work from daily tasks to cross-functional strategic initiatives; and manages product launches, marketing campaigns, and organization-wide goal settings.

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