Top 5 Stock Picks of Eduardo Costa’s Calixto Global Investors

4. Smartsheet Inc. (NYSE:SMAR)

Calixto Global Investors’ Stake Value: $11,404,000
Percentage of Calixto Global Investors’ 13F Portfolio: 11.4%
Number of Hedge Fund Holders: 48

Smartsheet Inc. (NYSE:SMAR) is a cloud-based corporate platform enabling teams and organizations to plan, collect, manage, automate, and report data. After visiting Smartsheet’s Engage 2022 annual user conference, RBC Capital analyst Rishi Jaluria reiterated a ‘Sector Perform’ rating and a $32 price objective on Smartsheet Inc. (NYSE:SMAR) on September 26. He was more optimistic about Smartsheet’s go-to-market strategy and competitive positioning after consulting with 12 clients and investors.

Smartsheet Inc. (NYSE:SMAR) stock represents 11.4% of Calixto Global Investors’ second-quarter portfolio, with the hedge fund holding 362,843 shares worth $11.40 million. Smartsheet Inc. (NYSE:SMAR) has featured in Calixto Global Investors’ portfolio since the fourth quarter of 2019.

By the end of the second quarter, Smartsheet Inc. (NYSE:SMAR) was part of 48 hedge fund portfolios. The consolidated stakes these funds had in the company were worth $838.14 million, down from $1.35 billion the prior quarter. North Peak Capital is the most significant stakeholder of Smartsheet Inc. (NYSE:SMAR), with a $123.47 million position in the company.

Alger, an investment management firm, mentioned Smartsheet Inc. (NYSE:SMAR) in its Q4 2021 investor letter. Here is what the fund said:

“Smartsheet provides a cloud based-based platform for work management that lets employees plan and manage their work using grids, projects, cards and calendars. It enhances enterprise productivity and as such is a Positive Dynamic Change beneficiary of corporate America’s rapid digitization. We believe even as employees return to the office, demand for work management software is persistent and durable. The strong value proposition was evident in Smartsheet’s recent quarter as revenue growth and billings accelerated relative to recent periods driven by an increased mix toward upmarket enterprise level customers. Additionally, management provided guidance for next fiscal year of 37% to 40% billings growth versus a 26% consensus expectation.”