Massachusetts Financial Services Co. MA Sells 76,716 Shares of Asana, Inc. (NYSE:ASAN)

Massachusetts Financial Services Co. MA cut its stake in Asana, Inc. (NYSE:ASANGet Rating) by 28.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 190,696 shares of the company’s stock after selling 76,716 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Asana were worth $14,216,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Arizona State Retirement System grew its holdings in shares of Asana by 0.7% in the third quarter. Arizona State Retirement System now owns 17,482 shares of the company’s stock worth $1,815,000 after purchasing an additional 116 shares during the last quarter. US Bancorp DE grew its holdings in Asana by 35.9% during the 3rd quarter. US Bancorp DE now owns 481 shares of the company’s stock worth $50,000 after acquiring an additional 127 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in Asana by 133.1% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 415 shares of the company’s stock worth $43,000 after acquiring an additional 237 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Asana by 0.3% during the 3rd quarter. Alliancebernstein L.P. now owns 95,650 shares of the company’s stock worth $9,932,000 after acquiring an additional 295 shares in the last quarter. Finally, Profund Advisors LLC grew its holdings in Asana by 10.2% during the 4th quarter. Profund Advisors LLC now owns 3,201 shares of the company’s stock worth $239,000 after acquiring an additional 296 shares in the last quarter. Hedge funds and other institutional investors own 92.50% of the company’s stock.

Shares of NYSE ASAN opened at $21.84 on Wednesday. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of -13.48 and a beta of 1.90. Asana, Inc. has a 12 month low of $17.87 and a 12 month high of $145.79. The firm’s 50 day simple moving average is $33.26 and its 200-day simple moving average is $61.88. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.61 and a quick ratio of 1.61.

Asana (NYSE:ASANGet Rating) last released its quarterly earnings results on Wednesday, March 9th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.05). Asana had a negative net margin of 76.19% and a negative return on equity of 158.77%. The company had revenue of $111.95 million during the quarter, compared to analyst estimates of $105.18 million. During the same period in the prior year, the business posted ($0.32) EPS. Asana’s revenue was up 63.7% compared to the same quarter last year. Analysts anticipate that Asana, Inc. will post -2.13 earnings per share for the current fiscal year.

Several research analysts have issued reports on the stock. KeyCorp dropped their target price on shares of Asana from $97.00 to $61.00 and set an “overweight” rating on the stock in a report on Thursday, March 10th. JPMorgan Chase & Co. cut shares of Asana from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $66.00 to $32.00 in a report on Thursday, March 10th. They noted that the move was a valuation call. Morgan Stanley dropped their target price on shares of Asana from $64.00 to $42.00 and set an “equal weight” rating on the stock in a report on Monday, March 14th. Piper Sandler dropped their target price on shares of Asana from $100.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday, March 10th. Finally, JMP Securities decreased their price target on shares of Asana from $95.00 to $63.00 and set a “market outperform” rating for the company in a research report on Thursday, March 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $61.54.

In other Asana news, insider Eleanor B. Lacey sold 4,167 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $29.50, for a total value of $122,926.50. Following the transaction, the insider now owns 165,076 shares in the company, valued at approximately $4,869,742. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Tim M. Wan sold 20,000 shares of the firm’s stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of $62.60, for a total value of $1,252,000.00. The disclosure for this sale can be found here. Insiders sold a total of 38,026 shares of company stock worth $1,871,164 in the last three months. 54.43% of the stock is owned by corporate insiders.

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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Institutional Ownership by Quarter for Asana (NYSE:ASAN)

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