Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Vishaal Sanjay

This Tech CEO Is Buying His Company's Shares 'Hand Over Fist' As Analysts See 50% Upside From Current Levels

Kharkov,,Ukraine,-,August,25,,2021:,Woman,Using,Asana,App

As shares of project management tool Asana Inc. (NYSE:ASAN) continue to languish near their all-time lows, the company’s founder and CEO, Dustin Moskovitz, is signaling confidence by aggressively acquiring its shares.

Check out the current price of ASAN stock here.

What Happened: According to a Form 4 filed with the Securities and Exchange Commission (SEC) last week, Moskovitz acquired 450,000 shares in the company across two transactions on July 1 and July 2, worth a total of $6.1 million, as part of a pre-arranged Rule 10b5-1 trading plan, adopted on September 2024.

Moskovitz, best known as one of the co-founders of Facebook, now referred to as Meta Platforms Inc. (NASDAQ:META), before he started Asana, has been buying shares in the project management platform he heads, hand over fist, in recent months, with year-to-date acquisitions at over $14 million.

See Also: Robert Kiyosaki Calls AI The ‘Biggest Change In Modern History.’ He Warns You Need To Take Proactive Action To Avoid Becoming A ‘Victim’

With his direct and indirect holdings now exceeding 56 million shares, Moskovitz remains Asana's largest shareholder, wielding significant voting power.

Why It Matters: This comes as Asana shares remain down by 26.5% year-to-date, and 89.78% from its all-time high in 2021, helping shore up confidence in the stock.

During its first quarter earnings results a month ago, Asana reported $187 million in revenue, ahead of consensus estimates at $185 million. Earnings came in at $0.05 per share, well ahead of analyst estimates at $0.02 per share, as the company witnessed strong growth in customers spending $100,000 or more annually.

Senior analyst, Patrick Walravens, at JMP Securities, currently holds the high-end of the Street’s price target for the stock at $22 per share, representing a 50% upside from current levels.

Walravens cited the company’s first-ever positive operating margins during the first quarter for his decision. Analysts, however, continue to caution investors regarding macro uncertainties that could impact the stock going forward.

Price Action: Shares of Asana were down 1.29% on Wednesday, trading at $14.58, and are up 1.85% after hours.

The company scores poorly across the board in Benzinga’s Edge Stock Rankings, with an unfavorable price trend in the short, medium and long terms. Click here for deeper insights into the stock.

Photo Courtesy: FellowNeko from Shutterstock

Read More:

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.