5 Stocks Under $20 to Buy Now

2. Asana, Inc. (NYSE:ASAN)

Number of Hedge Fund Holders: 26

Share Price as of December 14: $15.50

Asana, Inc. (NYSE:ASAN) operates a work management platform for individuals, team leads, and executives in the United States and internationally. On December 2, DA Davidson analyst Robert Simmons maintained a Neutral rating on Asana, Inc. (NYSE:ASAN) stock and lowered the price target to $18 from $20, highlighting that the company posted its smallest revenue beat in the past nine quarters amid a macro economic slowdown. 

Among the hedge funds being tracked by Insider Monkey, Singapore-based firm Himension Capital is a leading shareholder in Asana, Inc. (NYSE:ASAN) with 7.5 million shares worth more than $167.5 million. 

In its Q3 2022 investor letter, Diamond Hill Capital, an asset management firm, highlighted a few stocks and Asana, Inc. (NYSE:ASAN) was one of them. Here is what the fund said:

“Work management software company Asana, Inc. (NYSE:ASAN) has, in our view, a relatively undifferentiated and discretionary software product within a software category that will likely be meaningfully smaller than anticipated. Additionally, Asana’s operating losses continue to widen as its revenues have begun decelerating.”