Smartsheet Inc (NYSE:SMAR) Shares Sold by TCP Asset Management LLC

TCP Asset Management LLC lessened its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 4.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,655 shares of the company’s stock after selling 1,000 shares during the quarter. TCP Asset Management LLC’s holdings in Smartsheet were worth $1,254,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Smartsheet by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after purchasing an additional 225,390 shares during the last quarter. Eminence Capital LP boosted its position in shares of Smartsheet by 9.2% during the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock worth $187,399,000 after purchasing an additional 358,988 shares during the period. RGM Capital LLC lifted its stake in Smartsheet by 7.6% during the second 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 in the last quarter. Marshall Wace LLP boosted its position in shares of Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after buying an additional 533,278 shares during the period. Finally, Coronation Fund Managers Ltd. raised its holdings in shares of Smartsheet by 44.2% in the 1st quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock valued at $59,683,000 after buying an additional 474,898 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SMAR. Jefferies Financial Group reissued a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $56.50 target price (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Barclays boosted their target price on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. DA Davidson reissued a “neutral” rating and set a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. One research 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. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $55.82.

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’s 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 completion of the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 value of $97,891.00. Following the completion of the transaction, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,730 shares of company stock worth $1,968,866 in the last three months. Company insiders own 4.52% of the company’s stock.

Smartsheet Stock Down 0.1 %

Shares of SMAR traded down $0.07 on Monday, hitting $56.44. 780,547 shares of the stock traded hands, compared to its average volume of 2,124,081. The firm has a market capitalization of $7.84 billion, a P/E ratio of -182.22 and a beta of 0.75. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.54. The stock’s 50 day moving average is $52.88 and its two-hundred day moving average is $46.05.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS 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 business had revenue of $276.41 million during the quarter, compared to the consensus estimate of $274.23 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. Research analysts forecast that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its board has initiated a stock repurchase program on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

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.