Shares of Asana (NASDAQ:ASAN) surged by more than 20% in pre-market trading on Thursday after the project management software company’s founder, Chairman, and CEO, Dustin Moskovitz stated that he plans to buy 30 million shares of its Class A stock. At current levels, this would involve a commitment of around $700 million.
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Moskovitz is likely to buy the stock under a structured trading plan with purchases likely to occur between June 8 and December 29 of this year. The CEO stated on the company’s earnings call that he believes that ASAN shares are undervalued. Shares of ASAN have plunged by more than 60% in the past year. Moskovitz currently has a 58.3% stake in Asana.
ASAN reported better-than-expected calendar Q4 results.
Analysts remain sidelined about ASAN stock with a Hold consensus rating based on two Buys, two Holds, and two Sells.
