Here’s What Caused a -20% Retreat to the Share Price of Smartsheet (SMAR)
TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 2000 Growth Index and returned 2.50% (net), and the index return was 7.05%. Consumer Staples, Health Care, Industrials, and Information Technology showed relative weakness. However, Communication Services and Materials showed strength, partially offsetting the weakness. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare U.S. Small Cap Growth Strategy highlighted stocks like Smartsheet Inc. (NYSE:SMAR) in the second quarter 2023 investor letter. Headquartered in Bellevue, Washington, Smartsheet Inc. (NYSE:SMAR) provides a cloud-based platform for work management. On September 22, 2023, Smartsheet Inc. (NYSE:SMAR) stock closed at $39.41 per share. One-month return of Smartsheet Inc. (NYSE:SMAR) was -0.91%, and its shares gained 25.11% of their value over the last 52 weeks. Smartsheet Inc. (NYSE:SMAR) has a market capitalization of $5.326 billion.
TimesSquare U.S. Small Cap Growth Strategy made the following comment about Smartsheet Inc. (NYSE:SMAR) in its Q2 2023 investor letter:
"Smartsheet Inc. (NYSE:SMAR) provides a workflow and customer engagement platform for teams and organizations. Mixed fiscal first quarter results caused a -20% retreat to the share price. That included in line revenues and profits; however, billings fell short due to macro conditions impacting small-to-mid sized businesses and elongated sales cycles among larger enterprises."
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Smartsheet Inc. (NYSE:SMAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Smartsheet Inc. (NYSE:SMAR) at the end of second quarter which was 50 in the previous quarter.
We discussed Smartsheet Inc. (NYSE:SMAR) in another article and shared Artisan Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
