The Vanguard Group, Inc. recently announced the acquisition of new stake in Asana Inc (NYSE:ASAN). The institutional investor has increased its shareholding in the Technology company by 4.99% to 8.98 million shares with purchase of 0.43 million shares. This fresh investment now brings its stake to 6.70% valued currently at $165.94 million. In addition, BlackRock Fund Advisors raised its holdings by 0.2 million to 5.56 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.70% or 15369.0 shares – to 2.23 million shares.
With over 5.84 million Asana Inc (ASAN) shares trading Tuesday and a closing price of $23.31 on the day, the dollar volume was approximately $136.18 million. The shares have shown a positive half year performance of 1.00% and its price on 12/05/23 gained nearly 2.19%. Currently, there are 128.80M common shares owned by the public and among those 75.15M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for ASAN have a consensus price objective of $21.00. The analysts have set the share’s price value over the next 12 months at a high of $30.00 and a low of $10.00. The average price target is -11.0% below its recent price level and a downside to the estimated low will see the stock lose -133.1% over that period. But an upside of 22.3% will see the stock hit the forecast high price target while median target price for the stock is $20.50.
Insiders at the company have transacted a total of 136 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 108 of these insider trades were purchases, accounting for 9,420,243 shares. Insider sales of the common stock occurred on 28 occasions, with total insider shares sold totaling 489,335 shares.
The top 3 mutual fund holders in Asana Inc are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market ETF owns 2.49 million shares of the company’s stock, all valued at over $45.91 million. The company bought an additional 93840.0 shares recently to bring their total holdings to about 1.85% of the shares outstanding. Vanguard Small Cap Index Fund bought 10184.0 shares to see its total holdings expand to 2.03 million shares valued at over $37.58 million and representing 1.52% of the shares outstanding. iShares Russell 2000 ETF sold 18585.0 shares to bring its total holdings to over 1.85 million shares at a value of $34.18 million. iShares Russell 2000 ETF now owns shares totaling to 1.38% of the shares outstanding.
Shares of Asana Inc (NYSE: ASAN) opened at $22.42, down -$0.39 from a prior closing price of $22.81. However, the script later moved the day high at 23.44, up 2.19%. The company’s stock has a 5-day price change of 11.11% and 24.06% over the past three months. ASAN shares are trading 69.28% year to date (YTD), with the 12-month market performance up to 43.98% higher. It has a 12-month low price of $11.32 and touched a high of $26.27 over the same period. ASAN has an average intraday trading volume of 2.64 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 12.37%, 21.63%, and 16.92% respectively.
Institutional ownership of Asana Inc (NYSE: ASAN) shares accounts for 24.61% of the company’s 128.80M shares outstanding. Mutual fund holders own 22.72%, while other institutional holders and individual stakeholders account for 48.80% and 17.85% respectively.
It has a market capitalization of $5.12B and a beta (3y monthly) value of 1.30. The earnings-per-share (ttm) stands at -$1.55. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.94% over the week and 4.67% over the month.
Analysts forecast that Asana Inc (ASAN) will achieve an EPS of $Banco Santander, S.A. Sponsored for the current quarter, $4.18 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Aspen Aerogels, Inc. while analysts give the company a high EPS estimate of $ASLAN Pharmaceuticals Limited. Comparatively, EPS for the current quarter was $Aarons Holdings Company, Inc. a year ago. Earnings per share for the fiscal year are expected to increase by 63.84%, and 33.78% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate Asana Inc (ASAN) as a “Moderate Buy” at a consensus score of 2.88. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 9 of the 16 advise that investors “hold,” and 3 rated it as a “Sell.”
Looking at the support for the ASAN, a number of firms have released research notes about the stock. Piper Sandler stated their Underweight rating for the stock in a research note on October 23, 2023, with the firm’s price target at $24-$16.
