JPMorgan Chase & Co. Lowers Holdings in Asana, Inc. $ASAN

JPMorgan Chase & Co. trimmed its stake in Asana, Inc. (NYSE:ASAN) by 13.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 571,369 shares of the company’s stock after selling 92,239 shares during the quarter. JPMorgan Chase & Co. owned 0.24% of Asana worth $7,633,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership increased its holdings in shares of Asana by 11.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 4,648,910 shares of the company’s stock valued at $62,109,000 after acquiring an additional 487,935 shares in the last quarter. Marshall Wace LLP boosted its stake in Asana by 52.7% in the 3rd quarter. Marshall Wace LLP now owns 1,963,599 shares of the company’s stock worth $26,234,000 after purchasing an additional 678,016 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Asana by 17.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,794,103 shares of the company’s stock worth $23,969,000 after purchasing an additional 263,251 shares in the last quarter. First Trust Advisors LP grew its position in Asana by 3.4% during the 3rd quarter. First Trust Advisors LP now owns 1,525,408 shares of the company’s stock valued at $20,379,000 after purchasing an additional 50,024 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Asana by 22.2% during the 3rd quarter. Bank of America Corp DE now owns 704,392 shares of the company’s stock valued at $9,411,000 after purchasing an additional 128,002 shares during the last quarter. 26.21% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Wall Street Zen raised shares of Asana from a “hold” rating to a “buy” rating in a report on Sunday, January 11th. Morgan Stanley cut their price target on shares of Asana from $14.00 to $8.00 and set an “underweight” rating on the stock in a report on Tuesday, March 3rd. Citigroup reduced their price target on shares of Asana from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. BTIG Research initiated coverage on shares of Asana in a report on Tuesday, December 16th. They issued a “neutral” rating for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Asana in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat, Asana has an average rating of “Hold” and an average price target of $12.46.

Asana Stock Performance

Shares of NYSE:ASAN opened at $6.21 on Tuesday. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -7.76 and a beta of 1.01. The business has a 50-day simple moving average of $8.01 and a two-hundred day simple moving average of $11.61. Asana, Inc. has a fifty-two week low of $5.87 and a fifty-two week high of $19.00.

Asana (NYSE:ASAN) last announced its quarterly earnings results on Monday, March 2nd. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Asana had a negative net margin of 23.90% and a negative return on equity of 77.05%. The firm had revenue of $205.57 million for the quarter, compared to the consensus estimate of $205.13 million. The business’s revenue was up 9.2% on a year-over-year basis. As a group, research analysts predict that Asana, Inc. will post -1.09 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Veronica Sosa sold 6,479 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.65, for a total transaction of $43,085.35. Following the transaction, the chief accounting officer directly owned 73,722 shares of the company’s stock, valued at $490,251.30. This represents a 8.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Sonalee Elizabeth Parekh sold 18,717 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $6.62, for a total value of $123,906.54. Following the transaction, the chief financial officer directly owned 915,281 shares in the company, valued at $6,059,160.22. The trade was a 2.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 70,226 shares of company stock worth $472,065. 61.28% of the stock is owned by insiders.

Asana Profile

Asana, Inc (NYSE: ASAN) is a leading provider of work management and collaboration software designed to help teams organize, track and manage their work. Founded in 2008 by Dustin Moskovitz and Justin Rosenstein, Asana’s platform enables users to create projects, assign tasks, set deadlines and visualize progress across diverse workflows. The company’s cloud-based solution includes customizable project templates, timeline views, boards and automated rules that streamline routine processes and reduce manual effort.

Built for both small teams and large enterprises, Asana supports integrations with a wide array of third-party applications, including communication tools, file-sharing services and DevOps platforms.