Short Interest in Asana, Inc. (NYSE:ASAN) Grows By 40.7%

Asana, Inc. (NYSE:ASAN) experienced a notable rise in short interest during December. By December 15th, total short interest reached 10,300,000 shares, marking an increase of 40.7% compared to the 7,320,000 shares reported on November 30th. Currently, this represents approximately 12.5% of Asana's total stock being sold short. Given the average daily trading volume of 2,960,000 shares, the short-interest ratio is calculated at 3.5 days.

Insider Transactions

In related developments, Asana's COO, Anne Raimondi, sold 27,233 shares on December 20th at an average price of $21.71, totaling $591,228.43. Following this transaction, she retains ownership of 733,855 shares, valued at $15,931,992.05, reflecting a 3.58% reduction in her holdings. This transaction was officially disclosed to the Securities and Exchange Commission. Currently, company insiders hold around 63.97% of Asana's stock.

Institutional Shareholder Activity

Recent trading activity indicates that several institutional investors have been active in the market regarding Asana’s shares. In the third quarter, Geode Capital Management LLC increased its stake by 0.7%, bringing their total to 1,863,703 shares worth approximately $21,605,000 after acquiring an additional 12,055 shares. Point72 Asset Management L.P. entered a new investment in Asana during the second quarter, amounting to $17,100,000. JPMorgan Chase & Co. raised its stake in Asana by 105.6%, acquiring 427,576 shares and now owning 832,598 shares valued at $9,650,000. Cubist Systematic Strategies LLC and Holocene Advisors LP also increased their holdings significantly during the second and third quarters respectively. Notably, institutional investors collectively own 26.21% of the company's stock.

Analyst Ratings Overview

Experts have shared various insights into Asana's stock recently. Jefferies Financial Group raised its price target from $13.00 to $16.00, assigning a "hold" rating. KeyCorp upgraded Asana from "underweight" to "sector weight" while setting a price target of $10.00. Morgan Stanley also increased its price objective from $14.00 to $18.00, maintaining an "equal weight" rating. Conversely, Citigroup and UBS Group lowered their price targets and maintained neutral ratings. Overall, the ratings yield an average rating of "Hold" and a consensus price target of $16.53, with some analysts issuing sell ratings amid mixed reviews.

Asana Stock Performance

As a point of context, during recent midday trading sessions, Asana's stock declined by 4.4% to reach $20.63 with a trading volume of 2,608,451 shares, exceeding its average of 2,325,371 shares. The company's 50-day moving average stands at $16.89 and the 200-day moving average at $14.30. Asana's financial metrics indicate a current ratio of 1.49, a quick ratio of 1.49, and a debt-to-equity ratio of 0.17. The stock has seen a 52-week range with a low of $11.05 and a high of $27.77, and the company's market capitalization is $4.72 billion with a P/E ratio of -18.42.

About Asana, Inc.

Asana, Inc. provides a work management platform tailored for individuals and teams globally. Their platform assists organizations in managing workflow from daily activities to large strategic initiatives, enabling users to oversee project timelines, identify obstacles, and monitor company-wide goals to enhance operational efficiency.

Further Exploration

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