Asana Gains More Than 10% Intraday After Board OKs Up to $150 Million Stock Buyback

ASAN gained as much as 14.2% to a $12.98 intraday high after the firm announced the buyback after the bell on Thursday.

"I'm pleased to share that, after careful consideration, our board has authorized a stock-repurchase program of up to $150 million over the next 12 months," Asana co-founder and CEO Dustin Moskovitz said in a statement announcing the move. "This is a good investment opportunity for us, as I believe our shares are undervalued given our immense long-term potential."

Moskovitz added that since Asana has "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" to do a stock buyback.