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The founder of Asana Inc (NYSE:ASAN) has been busy buying shares of the company over the month of June and could be investing in the future of the company.
What Happened: During June, Asana Inc (NYSE:ASAN) founder Dustin Moskovitz made several sizable purchases of ASAN shares, according to Benzinga’s Insider Trades tool.
Moskovitz made the following buys as reported in filings (filing date listed):
June 9: 50k shares $19.74 million, $39.49 price
June 11: 410k shares $17.36 million, $42.35 price
June 15: 320k shares $14.85 million, $46.40 price
June 17: 320k shares, $15.39 million, $48.10 price
June 22: 480k shares, $26.9 million, $56.11 price
June 24: 320k shares, $18.5 million, $57.92 price
Related Link: Asana's Direct Listing IPO: What Investors Need To Know
Why It’s Important: Asana completed a direct listing in September with the company valued at $4 billion. Shares were listed with a reference pricing of $21 and opened for trading at $27 on the first day of trading.
Moskovitz owned around 35% of the company at the time of the IPO.
The founder of the company buying shares could signal him believing shares are undervalued and/or exciting catalysts coming.
Asana reported more than 100,000 paying customers (companies) in the first quarter and raised its full fiscal year outlook. First-quarter revenue of $76.7 million was up 61% year-over-year. Customers representing $5,000 or more in annual revenue rose 82% year-over-year in the first quarter.
At the time of its public listing, Asana had 82,000 paying customers (companies).
Moskovitz was worth $16 billion at the time of the Asana IPO and is now valued at $24.2 billion by Forbes. Along with a sizable stake in Asana, Moskovitz owns around 2% of Facebook, Inc. (NASDAQ:FB), a company he co-founded.
ASN Price Action: As of Thursday morning, shares of Asana are down 0.064% at $61.99. Shares have traded between $20.57 and $64.93 since going public in September.
Photo: Asana (via video)
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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