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Why Asana Shares Are Trading Higher Friday
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Why Asana Shares Are Trading Higher Friday
Jun 21, 2024 9:34 AM

Asana, Inc. ( ASAN ) shares are moving higher Friday after the company announced a share repurchase plan.

What Happened: Asana announced a $150 million share repurchase program of its Class A common stock through June 30, 2025.

The company specified that its not committed to purchase a specific number of shares, however, the board of directors has approved up to $150 million of share repurchases.

“This is a good investment opportunity for us as I believe our shares are undervalued given our immense long-term potential,” said Dustin Moskovitz, co-founder and CEO of Asana.

“With over $500 million of cash, cash equivalents, and investments on the balance sheet and a commitment to becoming free cash flow positive by the end of this year, we have the financial leverage and resources.

See Also: Understanding NVIDIA’s Position In Semiconductors & Semiconductor Equipment Industry Compared To Competitors

ASAN Price Action: Asan shares are trading 9.85% higher at $12.49 as of Friday morning, according to Benzinga Pro.

Image: Photo by FellowNeko via Shutterstock

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