Martingale Asset Management L P Buys 16,241 Shares of Smartsheet Inc (NYSE:SMAR)

Martingale Asset Management L P raised its stake in Smartsheet Inc (NYSE:SMAR) by 39.0% in the third quarter, Holdings Channel reports. The fund owned 57,932 shares of the company’s stock after purchasing an additional 16,241 shares during the quarter. Martingale Asset Management L P’s holdings in Smartsheet were worth $3,207,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Eminence Capital LP raised its holdings in Smartsheet by 9.2% in the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock valued at $187,399,000 after buying an additional 358,988 shares during the last quarter. RGM Capital LLC raised its holdings in Smartsheet by 7.6% in the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock valued at $98,023,000 after buying an additional 156,817 shares during the last quarter. Marshall Wace LLP raised its holdings in Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after buying an additional 533,278 shares during the last quarter. AQR Capital Management LLC raised its holdings in 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 buying an additional 881,004 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Smartsheet by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,278,665 shares of the company’s stock valued at $70,787,000 after buying an additional 20,643 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Smartsheet Stock Down 0.1 %

Shares of SMAR stock opened at $55.95 on Friday. The company 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 52 week low of $35.52 and a 52 week high of $56.55. The firm has a 50 day moving average of $55.80 and a 200-day moving average of $49.02.

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

Smartsheet declared that its Board of Directors has authorized a stock repurchase plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity at Smartsheet

In related 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 value 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. This trade represents a 2.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the completion of the sale, the insider now directly owns 13,529 shares of the company’s stock, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Truist Financial reiterated a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. BMO Capital Markets reiterated a “market perform” rating and issued a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a report on Wednesday, September 25th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $56.50 target price on shares of Smartsheet in a research report on Thursday, October 24th. Finally, Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $55.82.

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.