Smartsheet Inc (NYSE:SMAR) is Brown Capital Management LLC’s 6th Largest Position

Brown Capital Management LLC cut its stake in Smartsheet Inc (NYSE:SMAR) by 13.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,512,862 shares of the company’s stock after selling 565,027 shares during the quarter. Smartsheet comprises about 4.2% of Brown Capital Management LLC’s portfolio, making the stock its 6th biggest position. Brown Capital Management LLC’s holdings in Smartsheet were worth $194,472,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Raleigh Capital Management Inc. acquired a new position in shares of Smartsheet during the third quarter valued at about $31,000. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet during the second quarter valued at $25,000. Waldron Private Wealth LLC acquired a new position in shares of Smartsheet in the 3rd quarter valued at $33,000. Versant Capital Management Inc purchased a new position in Smartsheet in the 2nd quarter worth $31,000. Finally, Farther Finance Advisors LLC lifted its position in Smartsheet by 123.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock worth $40,000 after acquiring an additional 398 shares during the period. 90.01% of the stock is owned by institutional investors.

Smartsheet Stock Up 0.1 %

Shares of NYSE SMAR opened at $55.93 on Thursday. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55. The company’s 50-day simple moving average is $55.18 and its 200-day simple moving average is $48.27. The firm has a market cap of $7.77 billion, a price-to-earnings ratio of -180.41 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.23) earnings per share. Equities research analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has initiated a share repurchase plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now owns 64,215 shares of the company’s stock, valued at $3,403,395. This represents a 2.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.59, for a total value of $180,656.89. Following the sale, the insider now directly owns 13,529 shares of the company’s stock, valued at $684,432.11. The trade was a 20.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,194 shares of company stock valued at $2,248,098. Insiders own 4.52% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on SMAR shares. Jefferies Financial Group restated a “hold” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. BMO Capital Markets restated a “market perform” rating and set a $56.50 price objective (down from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $56.50 price target (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $55.82.

About Smartsheet

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.