Insider Trading Report: Asana Inc (ASAN)

Dustin Moskovitz, President and CEO at Asana (ASAN) recently picked up over 1.1 million shares of the firm. The total cost of the buy came to just under $70 million, and was made over a number of days last month.

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  • The buys increased his stake by over 15 percent in total. Over the past few months, other company insiders have generally been sellers, but those total sales have been less than this high level of purchases by the CEO.

    Overall, company insiders own nearly 11 percent of company shares. The workflow software company has seen its shares rise over 135 percent in the past year as remote work trends have continued. While not yet profitable, revenue at the company has risen 60 percent over the past year and looks on track to rise even further.

    Action to take: Shares have already had a big rally in the past few months, with a return of over 50 percent in a short period of time. However, there’s some potential for more upside. Given the high price of shares and lack of profitability, investors may want to ditch shares and play the current trend with an option instead.

    The November $75 calls stand an excellent chance of moving in-the-money. Last going for about $7.50, traders should look for mid double-digit gains or better before taking a profit.

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    Disclosure: The author of this article has no position in the company mentioned here, but may make a trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.