Voloridge Investment Management LLC Boosts Position in Asana, Inc. (NYSE:ASAN)

Voloridge Investment Management LLC increased its position in shares of Asana, Inc. (NYSE:ASAN) by 25.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,149,680 shares of the company’s stock after acquiring an additional 438,057 shares during the quarter. Voloridge Investment Management LLC owned approximately 0.94% of Asana worth $43,574,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Voya Investment Management LLC boosted its holdings in Asana by 8.1% in the 4th quarter. Voya Investment Management LLC now owns 12,539,038 shares of the company’s stock valued at $254,166,000 after purchasing an additional 937,726 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Asana during the 4th quarter valued at approximately $38,966,000. First Trust Advisors LP raised its position in shares of Asana by 17.6% during the 4th quarter. First Trust Advisors LP now owns 1,743,981 shares of the company’s stock valued at $35,350,000 after buying an additional 261,298 shares during the period. Two Sigma Investments LP lifted its holdings in Asana by 288.1% in the fourth quarter. Two Sigma Investments LP now owns 1,405,088 shares of the company’s stock valued at $28,481,000 after acquiring an additional 1,043,047 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC grew its position in Asana by 0.5% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 1,377,704 shares of the company’s stock worth $27,926,000 after acquiring an additional 7,269 shares during the period. Hedge funds and other institutional investors own 26.21% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on ASAN. Robert W. Baird reduced their target price on Asana from $23.00 to $13.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. JPMorgan Chase & Co. reduced their price objective on shares of Asana from $15.00 to $13.00 and set an “underweight” rating on the stock in a report on Tuesday, March 11th. Bank of America lowered their target price on shares of Asana from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, March 11th. JMP Securities set a $22.00 price target on shares of Asana in a research note on Tuesday, March 11th. Finally, DA Davidson decreased their price objective on shares of Asana from $20.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $15.53.

Insider Activity at Asana

In related news, Director Justin Rosenstein sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $19.76, for a total value of $2,964,000.00. Following the sale, the director now owns 1,097,309 shares of the company’s stock, valued at $21,682,825.84. This trade represents a 12.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dustin A. Moskovitz purchased 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 15th. The stock was purchased at an average price of $15.84 per share, with a total value of $792,000.00. Following the purchase, the chief executive officer now directly owns 51,398,436 shares of the company’s stock, valued at $814,151,226.24. The trade was a 0.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 2,074,507 shares of company stock worth $30,025,743 and sold 193,775 shares worth $3,549,663. 61.28% of the stock is currently owned by company insiders.

Asana Stock Performance

NYSE:ASAN opened at $17.74 on Wednesday. Asana, Inc. has a 52 week low of $11.05 and a 52 week high of $27.77. The company has a fifty day simple moving average of $15.63 and a two-hundred day simple moving average of $18.00. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The company has a market cap of $4.13 billion, a price-to-earnings ratio of -15.84 and a beta of 1.21.

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.