Smartsheet Inc (NYSE:SMAR) Stake Cut by TCP Asset Management LLC

TCP Asset Management LLC lowered its position in shares of Smartsheet Inc (NYSE:SMAR) by 4.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 22,655 shares of the company’s stock after selling 1,000 shares during the period. TCP Asset Management LLC’s holdings in Smartsheet were worth $1,254,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of SMAR. International Assets Investment Management LLC bought a new position in Smartsheet in the 2nd quarter valued at about $25,000. Versant Capital Management Inc acquired a new position in shares of Smartsheet during the second quarter valued at approximately $31,000. Raleigh Capital Management Inc. acquired a new stake in Smartsheet in the third quarter worth approximately $31,000. Waldron Private Wealth LLC acquired a new stake in shares of Smartsheet in the third quarter valued at $33,000. Finally, Plato Investment Management Ltd bought a new position in shares of Smartsheet during the 1st quarter valued at about $35,000. Institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on SMAR. Needham & Company LLC reiterated a “hold” rating and issued a $57.00 target price on shares of Smartsheet in a report on Tuesday, September 24th. UBS Group reiterated a “neutral” rating and set a $56.50 price objective (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Wells Fargo & Company reissued an “equal weight” rating and issued a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Guggenheim upped their price objective on shares of Smartsheet from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, September 6th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $55.82.

Insider Activity at Smartsheet

In related news, CEO Mark Patrick Mader sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $55.35, for a total value of $276,750.00. Following the completion of the sale, the chief executive officer now owns 583,762 shares of the company’s stock, valued at $32,311,226.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Smartsheet news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $55.35, for a total value of $276,750.00. Following the completion of the transaction, the chief executive officer now directly owns 583,762 shares in the company, valued at $32,311,226.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,730 shares of company stock valued at $1,968,866 over the last ninety days. 4.52% of the stock is owned by insiders.

Smartsheet Stock Down 0.1 %

NYSE SMAR traded down $0.07 during midday trading on Monday, hitting $56.44. The company had a trading volume of 780,547 shares, compared to its average volume of 2,124,081. The firm has a fifty day simple moving average of $52.88 and a two-hundred day simple moving average of $46.05. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.54. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of -182.22 and a beta of 0.75.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The business had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter in the previous year, the firm posted ($0.23) earnings per share. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, equities analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has authorized a stock buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Smartsheet Profile

Smartsheet, Inc engages in managing and automating collaborative work. Its platform provides solutions that eliminate the obstacles to capturing information, including a familiar and intuitive spreadsheet interface as well as easily customizable forms. The company was founded by W. Eric Browne, Maria Colacurcio, John D.