What happened
Asana (ASAN +2.34%) stock is posting big gains in today's trading. The workflow software company's share price was up roughly 11.7% as of 3:15 p.m. ET Monday.
New filings made with the Securities and Exchange Commission (SEC) today revealed that CEO Dustin Moskovitz had kept up with his recent spree of purchasing the stock. The executive has now purchased roughly $1.1 billion worth of his company's stock since June.
Image source: Getty Images.
So what
Recent filings with the SEC show that Moskovitz purchased roughly $79 million worth of Asana shares across last Wednesday, Thursday, and Friday. With the CEO making some huge bets on the stock, it looks like others are taking notice and following his lead. As famous investor Peter Lynch once wrote, "insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise."
Now what
Investors are set to get a detailed look at Asana's recent business performance in the not-too-distant future, as the company is scheduled to report fourth-quarter earnings after the market closes on March 9. With its last earnings report, the company guided for revenue to come in between $104.5 million and $105.5 million -- representing growth of roughly 53.5% year over year at the midpoint of the target. Management's guidance called for a non-GAAP (adjusted) loss per share between $0.27 and $0.28 for the quarter.
For the full-year period, Asana expects to post an adjusted loss per share between $0.95 and $0.96 on revenue between $371 million and $372 million. The midpoint of the company's revenue guidance calls for annual growth of 63.5%.
Asana now has a market cap of approximately $12.7 billion and is valued at approximately 25 times this year's expected sales.
