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SAN FRANCISCO—Justin Rosenstein, a director and ten percent owner of Asana, Inc. (NYSE:ASAN), recently sold a significant portion of his holdings in the software company. The sale comes as Asana’s stock has shown strong momentum, with a remarkable 58% gain over the past six months, according to InvestingPro data. According to a Form 4 filing with the Securities and Exchange Commission, Rosenstein sold a total of 200,000 shares of Class A Common Stock on February 19, 2025.
The shares were sold at prices ranging from $22.53 to $23.27, resulting in a total transaction value of approximately $4.51 million. These transactions were carried out under a Rule 10b5-1 trading plan, which Rosenstein adopted on September 18, 2024.
Following the sale, Rosenstein retains ownership of 1,247,309 shares in Asana. This move comes as part of a broader strategy to manage his investment in the company, which specializes in prepackaged software solutions. With analyst price targets ranging from $10 to $30, investors seeking deeper insights into Asana’s valuation and growth prospects can access comprehensive analysis through InvestingPro’s detailed research reports.
In other recent news, Asana reported third-quarter earnings that exceeded expectations, with revenue reaching $183.9 million, a 10% increase year-over-year, surpassing the estimated $180.7 million. The company also posted a narrower loss per share of 25 cents, compared to 28 cents in the same period last year. Asana’s forecast for the fourth quarter projects revenue between $187.5 million and $188.5 million, slightly above consensus estimates. Analysts have responded by adjusting their price targets, with DA Davidson raising its target to $20.00 and JMP Securities to $25.00, both maintaining their respective Neutral and Market Outperform ratings. Meanwhile, Piper Sandler maintained an Overweight rating with a $27.00 target, citing Asana’s strong gross margins and the potential impact of new AI features. BofA Securities also raised its price target significantly to $30.00, maintaining a Buy rating due to improving fundamentals and positive estimate revisions. The appointment of new CFO Sonalee Parekh has been positively received, with expectations of enhanced cost management and strategic growth. Analysts emphasize the importance of operational discipline and the successful adoption of AI Studio as critical factors for Asana’s future success.
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