Shares of Asana (ASAN -0.83%) are making big gains in today's trading. The company's share price was up roughly 10% in the daily session as of 2 p.m. ET Tuesday. Meanwhile, the Nasdaq Composite index was up approximately 1%, and the S&P 500 index was up roughly 0.7%.
The workflow software stock is gaining ground amid positive momentum for the broader market, and it looks like a recent filing with the Securities and Exchange Commission (SEC) is also factoring into the big gains.
A schedule 13G statement of ownership filing was made with the SEC on Feb. 7 revealing that BlackRock owned a substantial stake in Asana. The filing showed that BlackRock holds 6,121,980 shares of the software specialist's class A common stock, representing 6.3% of the shares. BlackRock is one of the largest and most influential investment management companies in the world, and the recent ownership position disclosure appears to be increasing bullish sentiment behind Asana stock.
Even with today's gains, Asana stock trades down 67% from the high that it hit in November. The company now has a market capitalization of roughly $10 billion and is valued at approximately 20 times this year's expected sales.
Investors won't have to wait long to get a closer look at the business. Asana is scheduled to publish its fourth-quarter results after the market closes on March 9.
With its last update, management laid out guidance for sales between $104.5 million and $105.5 million in Q4, representing 53.5% growth year over year at the midpoint of the target. The company expects to post a non-GAAP (adjusted) operating loss between $51 million and $53 million and an adjusted loss per share between $0.27 and $0.28 in the period.