ClearAlpha Technologies LP Takes Position in Smartsheet Inc (NYSE:SMAR)

ClearAlpha Technologies LP purchased a new position in Smartsheet Inc (NYSE:SMAR) in the third quarter, Holdings Channel reports. The fund purchased 55,761 shares of the company’s stock, valued at approximately $3,087,000. Smartsheet accounts for 0.9% of ClearAlpha Technologies LP’s holdings, making the stock its 22nd biggest holding.

Other hedge funds also recently bought and sold shares of the company. US Bancorp DE raised its position in shares of Smartsheet by 12.9% during the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after purchasing an additional 200 shares during the last quarter. Landscape Capital Management L.L.C. raised its holdings in shares of Smartsheet by 0.3% during the third quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company’s stock valued at $4,596,000 after acquiring an additional 225 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Smartsheet by 25.5% in the third quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company’s stock worth $62,000 after acquiring an additional 228 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Smartsheet by 2.4% during the third quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock worth $639,000 after purchasing an additional 266 shares in the last quarter. Finally, Larson Financial Group LLC raised its stake in Smartsheet by 2.1% in the 3rd quarter. Larson Financial Group LLC now owns 13,253 shares of the company’s stock valued at $734,000 after purchasing an additional 277 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Trading Down 0.1 %

Shares of NYSE SMAR opened at $55.95 on Monday. The stock has a fifty day simple moving average of $55.80 and a 200-day simple moving average of $49.13. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The stock has a market capitalization of $7.77 billion, a PE ratio of -180.48 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping 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 company had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same period in the prior year, the firm earned ($0.23) earnings per share. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, 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 plan on Thursday, September 5th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Jefferies Financial Group restated a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. UBS Group reaffirmed a “neutral” rating and issued a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $56.50 target price on shares of Smartsheet in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Smartsheet currently has a consensus rating of “Hold” and a consensus price target of $55.82.

Insiders Place Their Bets

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the transaction, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This represents a 2.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,205 shares of Smartsheet stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the sale, the insider now owns 18,695 shares in the company, valued at $1,045,424.40. This trade represents a 14.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,194 shares of company stock worth $2,248,098 over the last 90 days. Corporate insiders own 4.52% of the company’s stock.

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.