Billionaire Stanley Druckenmiller is Decreasing Stakes in These 5 Stocks

3. Smartsheet Inc. (NYSE:SMAR)

Number of Hedge Fund Holders: 48  

Percentage Decrease in Stake During Q2 2022: 85%

Smartsheet Inc. (NYSE:SMAR) owns and runs a cloud-based platform for work productivity. At the end of the second quarter of 2022, Duquesne Capital owned 149,800 shares in Smartsheet Inc. (NYSE:SMAR) worth $4.7 million, representing 0.34% of the portfolio. 

On September 2, DA Davidson analyst Robert Simmons maintained a Buy rating on Smartsheet Inc. (NYSE:SMAR) stock and lowered the price target to $45 from $50, noting that cost controls mean better operating income and potential cash generation next year for the firm. 

At the end of the second quarter of 2022, 48 hedge funds in the database of Insider Monkey held stakes worth $838 million in Smartsheet Inc. (NYSE:SMAR), up from 45 in the preceding quarter worth $1.3 billion.