Asana (NYSE:ASAN) operates as a workplace management platform providing workflow solutions. The company has made headlines in recent months, but not for the reasons that you would expect. Since last year, CEO Dustin Moskovitz has been on a relentless buying spree; Moskovitz has purchased more than $1 billion of ASAN stock.
These trades were all pursuant to a 10b5-1 trading plan. A 10b5-1 plan allows insiders to purchase stocks on a pre-arranged schedule to avoid insider trading. Nonetheless, Moskovitz’s purchases imply that he is bullish on his company.
Here’s what investors should know about Asana and ASAN stock moving forward.
ASAN Stock: CEO Potentially Makes History with Buying Spree
Dustin Moskovitz’s most recent purchase of ASAN stock occurred on Feb. 25. On that day, the CEO purchased 250,000 shares at prices ranging between $51 and $56. After the purchase, Moskovitz now owns 19.8 million shares. Based on shares outstanding of 102.98 million shares, Moskovitz has a 19% stake in the company.
Moskovitz may be making history with his massive purchases. Ben Silverman of InsiderScore states that “it appears to be the first time a single insider has bought $1 billion worth of stock in a non-buyout scenario.”
Based on other purchases, it also appears that insiders are generally bullish on ASAN stock. During the past 12 months, insiders on aggregate have purchased 22.4 millions shares while selling 1.1 million shares. That amounts to a total net activity of nearly 21.3 million shares purchased. However, investors should note that Moskovitz is responsible for a large portion of the shares purchased. The most recent insider transaction occurred on March 16. General Counsel and Head of Legal Eleanor Lacey sold 1,359 shares at an average price of $34.64.
Who Else Is Betting Big on Asana?
In addition to insiders, it’s important to track institutional ownership when it comes to stocks. Tracking institutional ownership allows retail insiders to take a peek inside the mind of some of the savviest money managers. What’s more, institutional investors can provide liquidity and price support for stocks.
Based on 13F filings, 13 funds added ASAN stock to their portfolios in the fourth quarter. That was an increase of 4%, from 326 funds in the prior quarter to 339 funds in Q4. Furthermore, seven funds hold ASAN stock in their top 10 positions. So, with that in mind, let’s take a look at the top five institutional shareholders of Asana as of Q4.
- Vanguard Group: 7.3 million shares or 7.48% ownership.
- BlackRock (NYSE:BLK): 6.1 million shares or 6.26% ownership.
- Champlain Investment Partners: 4.5 million shares or 4.62% ownership.
- Allianz Asset Management: 3.7 million shares or 3.78% ownership.
- Morgan Stanley (NYSE:MS): 2 million shares or 2.12% ownership.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.more
