Keep an eye on beaten-down shares of Asana (ASAN).

CEO Dustin Moskovitz recently purchased an additional 225,000 shares on July 8. He paid an average cost of $14.60 per share, totaling $3,285,000. He also picked up about $6.86 million worth of stock in March and June, picking up 450,000 shares at an average price of $15.25 per share.

From his current role as CEO, Moskovitz will transition to chair of the board. Dan Rogers will become Asana’s new CEO on July 21.

“Under Moskovitz’s leadership, Asana has grown into a leading enterprise work management platform for human and AI coordination. With more than 170,000 customers, Asana is trusted by over 85% of Fortune 500 companies and generates over $700 million in annual revenue,” as noted in a company press release.

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We also have to consider that a good deal of negativity has been priced into the stock. Plus, this is a company with very strong sales predictability and no debt. Granted, 9% year over year isn’t anything to write home about, but it’s still expanding. In addition, operational guidance was recently increased by 5% to 5.5%.

With the negativity priced in, a new CEO, a strong, but oversold stock, and significant insider buying, Asana appears to be an impressive opportunity.

Sincerely,

Ian Cooper