Asana, a work management platform, saw its stock surge by 24% following the announcement that CEO Dustin Moskovitz is planning to purchase 30 million shares of the company. The plan is set to begin on March 9, 2023, and will be executed through a 10b5-1 trading plan. Moskovitz stated that he believes Asana’s shares are undervalued given the scale of opportunity that he sees in front of the company.
The announcement comes on the heels of Asana’s Q4 earnings report, which showed strong results. The company reported revenue of $196.7 million, a 45% increase year-over-year, beating analysts’ estimates of $188.1 million. The company also reported a non-GAAP net loss of $0.01 per share, beating estimates of a $0.03 loss per share. Asana’s customer base grew to over 120,000 paying customers, a 42% increase year-over-year.
Asana has been gaining traction as a work management platform, allowing teams to collaborate and manage projects in a more organized and efficient way. The company has been focusing on expanding its product offerings, with new features such as Timeline, Portfolios, and Workload, which have been well-received by customers.
Moskovitz’s announcement to purchase a significant amount of shares shows his confidence in the company’s growth potential. Asana has been investing in research and development to expand its offerings and has been seeing success in growing its customer base. The CEO’s move could also signal to investors that the company is undervalued and has significant growth potential.
Asana’s stock has been on a steady rise over the past year, with the company’s market cap now exceeding $20 billion. Moskovitz’s plan to purchase 30 million shares could help to boost investor confidence and propel the stock even higher. As the company continues to expand its product offerings and customer base, it will be interesting to see how it performs in the coming quarters.