Stock traders buy large volume of call options on Asana (NYSE:ASAN)

Asana, Inc. (NYSE:ASAN – Get Rating) was the recipient of some unusual options trading activity on Monday. Equity investors bought 8,523 call options on the company. This represents a 35% increase from the average daily volume of 6,325 call options.

Asana price performance

ASAN stock traded at $2.38 at midday Monday, hitting $27.04. The company had a trading volume of 130,159 shares, compared to its average volume of 4,450,139. ​​The company has a leverage ratio of 0.35, a current ratio of 1.15 and a quick ratio of 1. ,15. Asana has a 1-year minimum of $16.19 and a 1-year maximum of $145.79. The company has a market capitalization of $5.14 billion, a P/E ratio of -13.48 and a beta of 1.82. The company has a 50-day moving average price of $20.76 and a 200-day moving average price of $26.87.

Asana (NYSE:ASAN – Get Rating) last released its quarterly results on Wednesday, September 7. The company reported ($0.34) EPS for the quarter, beating analyst consensus estimates of ($0.39) by $0.05. Asana had a negative net margin of 79.34% and a negative return on equity of 212.28%. The company posted revenue of $134.90 million in the quarter, compared to $127.27 million expected by analysts. In the same quarter of the previous year, the company achieved EPS of ($0.36). The company’s quarterly revenue increased by 50.8% compared to the same quarter last year. On average, research analysts expect Asana to post earnings per share of -2.18 for the current fiscal year.

Analyst upgrades and downgrades

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A number of research analysts have weighed in on ASAN shares recently. Royal Bank of Canada raised its price target on Asana shares from $13.00 to $15.00 and gave the company an “underperforming” rating in a research report on Thursday. Morgan Stanley lowered its price target on Asana shares from $38.00 to $35.00 and set an “equal weight” rating on the stock in a Friday, June 3 research report. Jefferies Financial Group lowered its price target on Asana shares from $40.00 to $23.00 in a Monday, May 23 research report. Robert W. Baird lowered his price target on Asana shares from $65.00 to $31.00 and set an “outperform” rating on the stock in a Friday, June 3 research report. Finally, Wolfe Research raised its price target on Asana shares from $22.00 to $23.75 and gave the stock an “outperform” rating in a research report on Thursday. Two equity research analysts gave the stock a sell rating, four gave the company a hold rating and six gave the company a buy rating. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $34.23.

Insider activity

In other Asana news, CEO Dustin A. Moskovitz acquired 19,273,127 shares of Asana in a transaction dated Wednesday, September 7. The shares were purchased at an average cost of $18.16 per share, for a total transaction of $349,999,986.32. Following the completion of the acquisition, the CEO now directly owns 39,112,803 shares of the company, valued at $710,288,502.48. The transaction was disclosed in a legal filing with the SEC, accessible via this hyperlink. In other Asana news, CEO Dustin A. Moskovitz acquired 19,273,127 shares of Asana in a transaction dated Wednesday, September 7. The shares were purchased at an average cost of $18.16 per share, for a total transaction of $349,999,986.32. Following the completion of the acquisition, the CEO now directly owns 39,112,803 shares of the company, valued at $710,288,502.48. The transaction was disclosed in a legal filing with the SEC, accessible via this hyperlink. Additionally, CFO Tim M. Wan sold 3,203 shares of Asana in a trade dated Wednesday, June 22. The shares were sold at an average price of $18.20, for a total transaction of $58,294.60. Following the transaction, the CFO now owns 609,276 shares of the company, valued at $11,088,823.20. The disclosure of this sale can be found here. Company insiders own 61.87% of the company’s shares.

Institutional investors weigh in on Asana

A number of hedge funds have recently changed their positions in ASAN. HM Payson & Co. increased its stake in Asana by 265.0% during the 4th quarter. HM Payson & Co. now owns 365 shares of the company valued at $27,000 after buying an additional 265 shares in the last quarter. FMR LLC increased its stake in Asana by 120.4% in Q2. FMR LLC now owns 1,578 shares of the company worth $28,000 after purchasing an additional 862 shares in the last quarter. Performa Ltd US LLC increased its stake in Asana by 580.0% in Q2. Performa Ltd US LLC now owns 1,700 shares of the company worth $30,000 after purchasing an additional 1,450 shares in the last quarter. Parkside Financial Bank & Trust bought a new position in Asana in Q2 worth $36,000. Finally, Confluence Wealth Services Inc. bought a new position in Asana in Q4 worth $52,000. 28.22% of the shares are currently held by institutional investors.

About Asana

(Get a rating)

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

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