124,688 Shares in Smartsheet Inc (NYSE:SMAR) Bought by Bardin Hill Management Partners LP

Bardin Hill Management Partners LP bought a new position in shares of Smartsheet Inc (NYSE:SMAR) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 124,688 shares of the company’s stock, valued at approximately $6,903,000. Smartsheet accounts for 3.2% of Bardin Hill Management Partners LP’s holdings, making the stock its 11th biggest holding. Bardin Hill Management Partners LP owned approximately 0.09% of Smartsheet as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Eminence Capital LP lifted its stake in shares of Smartsheet by 9.2% in the second quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock worth $187,399,000 after acquiring an additional 358,988 shares during the period. RGM Capital LLC raised its holdings in Smartsheet by 7.6% during the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after purchasing an additional 156,817 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after purchasing an additional 533,278 shares during the period. AQR Capital Management LLC boosted its stake in shares of Smartsheet by 188.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after purchasing an additional 881,004 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Smartsheet by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,278,665 shares of the company’s stock worth $70,787,000 after buying an additional 20,643 shares during the period. Institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SMAR. Jefferies Financial Group restated a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Citigroup reissued a “neutral” rating and issued a $56.50 price objective (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Barclays raised their target price on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Morgan Stanley boosted their price target on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $55.82.

Smartsheet Stock Performance

Shares of NYSE SMAR opened at $55.95 on Monday. The stock has a market cap of $7.77 billion, a price-to-earnings ratio of -180.48 and a beta of 0.74. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The firm’s 50-day simple moving average is $55.80 and its 200 day simple moving average is $49.13.

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 return on equity of 4.29% and a negative net margin of 4.07%. The company had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same quarter last year, the company earned ($0.23) earnings per share. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, sell-side analysts predict that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its Board of Directors has authorized a share buyback program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Smartsheet

In other news, insider Jolene Lau Marshall sold 3,205 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the transaction, the insider now owns 18,695 shares in the company, valued at $1,045,424.40. The trade was a 14.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The trade was a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,194 shares of company stock worth $2,248,098 in the last quarter. 4.52% of the stock is currently owned by corporate insiders.

Smartsheet Company 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.