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)
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