During the month of June, the creator of Asana Inc (NYSE: ASAN) was active buying shares of the firm, suggesting that he may be investing in the company’s future.
What happened was this: According to Benzinga’s Insider Trades tool, Asana Inc (NYSE: ASAN) founder Dustin Moskovitz made numerous large purchases of ASAN shares in June.
According to records (filing date listed), Moskovitz made the following purchases:
50k shares on June 9th $19.74 million at a cost of $39.49
On June 11th, 410k shares were sold for $17.36 million at a price of $42.35 per share.
On June 15, 320k shares were sold for $14.85 million at a price of $46.40 per.
On June 17th, 320k shares were sold for $15.39 million at a price of $48.10.
480k shares, $26.9 million, $56.11 price on June 22nd.
On June 24, 320k shares were sold for $18.5 million at a price of $57.92.
Associated Link: What Investors Should Know About Asana’s Direct Listing IPO Why It’s Important: In September, Asana secured a public IPO, valuing the company at $4 billion. On the first day of trading, shares were listed with a reference price of $21 and opened for trading at $27.
At the time of the IPO, Moskovitz owned about 35% of the company.
The fact that the company’s founder is buying shares could indicate that he believes the stock is undervalued and/or that interesting catalysts are on the way.
In the first quarter, Asana reported more than 100,000 paying clients (businesses) and boosted its full fiscal year outlook. Revenue of $76.7 million in the first quarter was up 61 percent year over year. In the first quarter, customers with annual revenue of $5,000 or more increased by 82 percent year over year.
Asana had 82,000 paying clients at the time of its initial public offering (companies).
Moskovitz was worth $16 billion at the time of the Asana IPO, and Forbes estimates that he is now worth $24.2 billion. Moskovitz owns roughly 2% of Facebook, Inc. (NASDAQ: FB), a firm he co-founded, in addition to a significant investment in Asana.
ASN Price Movement: As of Thursday morning, Asana’s stock has dropped 0.064 percent to $61.99. Since going public in September, the stock has moved between $20.57 and $64.93.
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