Insider Trading Report: Asana Inc (ASAN)

Dustin Moskovitz, President and CEO of Asana Inc (ASAN), recently acquired another 500,000 shares. The buy increased his holdings by nearly 6 percent, and came to a total purchase price of just under $50 million.

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  • This marks the CEO’s third buy in the past month, now totaling over 1 million shares. Over the same timeframe, other company insiders have been sellers of smaller amounts of shares, showing considerable overall activity, even for a tech company.

    Insiders own nearly 14 percent of the company.

    Shares of the work platform software company are up over 300 percent in the past year. While unprofitable, the company has ramped up revenues by over 70 percent, as the company has been able to grow during the pandemic.

    Action to take: Shares have recently corrected over the past few weeks along with the rest of the market, and look likely to rebound here. Investors won’t get a dividend, and it’s unlikely as to when the company will turn a profit, so a short-term trade here could yield low double-digit returns.

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  • A likely upswing in shares could be best leveraged with a call option trade. The January $125 calls, last going for about $9.30, can likely deliver mid-to-high double-digit returns in the next few weeks on a rebound in shares.

     

    Disclosure: The author of this article has no position in the company mentioned here, and does not intend to trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.