Asana enters the final week of June with short sellers rebuilding positions and options traders showing the most defensive tilt in months — a combination that sets the stock up as one of the more charged setups in enterprise SaaS right now.
The short positioning story is the clearest angle this week. Short interest has climbed to 21.5% of the free float — among the highest readings in the application software space — and has risen roughly 3.5% over the past week alone. That steady build has been running for several weeks: shares short have added around 1.4 million over the past month. Despite the growing short book, the borrow market remains surprisingly relaxed. Availability sits at 225%, meaning lenders still hold roughly two shares available for every one currently borrowed. Cost to borrow has eased to 0.57% — near the low end of its range — after pulling back 14% on the week. The lending pool is not under pressure, and the short score of 67.3 (ranked in the 7th percentile for this metric) confirms the setup is more about a high existing short base than fresh squeeze risk.
Options positioning is where the mood has shifted most sharply this week. The put/call ratio has jumped to 0.43, more than three standard deviations above its 20-day average of 0.29 — the most defensive options skew seen in months, and a move that stands out even against the 52-week high of 0.97. That z-score of 3.0 is a meaningful signal. It snapped higher over the past two sessions after running flat to slightly call-skewed for most of June, suggesting hedging demand has risen quickly. The stock itself fell 9.5% on the week to close at $6.67, underperforming close peers and , which both shed around 11% — so the relative picture is mixed rather than ASAN-specific.
The Street picture tells a cautious but not bearish story. Analyst coverage following the May 28 earnings print was concentrated: most firms trimmed targets while keeping ratings intact. Morgan Stanley held its Underweight with a $7 target. Citigroup maintained Buy but cut to $11 from $13. Keybanc stayed Overweight and moved to $13 from $15. The mean consensus price target now sits at roughly $9.13 — implying around 37% upside from current levels, though those targets are now about 26 days stale. EPS momentum is a genuine bright spot, ranking in the 86th percentile on the 30-day measure, and the forward EPS trajectory has been improving. Bulls point to AI-powered workflow adoption and the StackAI acquisition as the growth levers. Bears stay focused on cash flow burn, intensifying competition from broader productivity suites, and the complexity that comes with moving upmarket into enterprise. The dividend score factor ranks in the 72nd percentile, an unusual read for a pre-profitability SaaS name and likely a residual of the composite scoring methodology rather than a literal dividend signal.
The earnings history adds one more data point worth noting. The May 28 print triggered a 20% next-day gain and a 26% five-day rally — a dramatic reaction that reflected how depressed expectations had become. The most recent June 8 event reversed part of that, with a 3.8% one-day drop and a 5.2% five-day decline. The next scheduled release is September 2. Between now and then, the stock is carrying a high short base, a defensive options posture, and a consensus that sits well above the current price — a configuration where the gap between sentiment and the Street view will be worth watching as summer progresses.
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