Clearline Capital LP Sells 201,657 Shares of Smartsheet Inc (NYSE:SMAR)

Clearline Capital LP decreased its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 97.0% in the 3rd quarter, Holdings Channel reports. The firm owned 6,249 shares of the company’s stock after selling 201,657 shares during the period. Clearline Capital LP’s holdings in Smartsheet were worth $346,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SMAR. CWM LLC grew its stake in Smartsheet by 218.0% in the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after buying an additional 13,621 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Smartsheet by 169.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock worth $4,605,000 after purchasing an additional 65,670 shares in the last quarter. Bailard Inc. bought a new position in shares of Smartsheet during the 2nd quarter valued at about $3,435,000. Harbor Capital Advisors Inc. raised its holdings in shares of Smartsheet by 94.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 69,189 shares of the company’s stock valued at $3,050,000 after buying an additional 33,640 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in Smartsheet in the 2nd quarter worth approximately $3,274,000. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SMAR. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. DA Davidson reaffirmed a “neutral” rating and set a $56.50 target price (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Jefferies Financial Group reissued a “hold” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Needham & Company LLC reaffirmed a “hold” rating and set a $57.00 price objective on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Canaccord Genuity Group 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. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Smartsheet has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Down 0.1 %

Shares of SMAR opened at $55.95 on Monday. The stock has a market cap of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74. The business’s 50 day moving average price is $55.80 and its 200-day moving average price is $49.13. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55.

Smartsheet (NYSE:SMAR) last released its 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. 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 for the quarter, compared to the consensus estimate of $274.23 million. During the same period in the previous year, the company posted ($0.23) earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, equities analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its board has approved a share repurchase program on Thursday, September 5th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction 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. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was 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 directly 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is owned by 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.