Longfellow Investment Management Co. LLC Purchases New Holdings in Smartsheet Inc (NYSE:SMAR)

Longfellow Investment Management Co. LLC acquired a new position in Smartsheet Inc (NYSE:SMAR) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 870 shares of the company’s stock, valued at approximately $48,000.

Several other large investors have also recently bought and sold shares of SMAR. Eminence Capital LP lifted its position in Smartsheet by 9.2% during the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock valued at $187,399,000 after purchasing an additional 358,988 shares during the period. RGM Capital LLC raised its stake in shares of 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 buying an additional 156,817 shares during the last quarter. Marshall Wace LLP lifted its holdings in Smartsheet by 40.9% in the second 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 period. AQR Capital Management LLC lifted its holdings in Smartsheet by 188.0% in the second 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 period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Smartsheet by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,278,665 shares of the company’s stock valued at $70,787,000 after acquiring an additional 20,643 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Activity at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,205 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $55.92, for a total transaction of $179,223.60. Following the transaction, the insider now directly owns 18,695 shares in the company, valued at approximately $1,045,424.40. The trade was a 14.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the completion of the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at approximately $3,403,395. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on SMAR. UBS Group reiterated a “neutral” rating and set a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. DA Davidson reiterated a “neutral” rating and issued a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Needham & Company LLC restated a “hold” rating and set a $57.00 target price on shares of Smartsheet in a report on Tuesday, September 24th. Citigroup reaffirmed a “neutral” rating and issued a $56.50 price target (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $56.50 price target (down from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Smartsheet presently has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Price Performance

Shares of SMAR stock opened at $56.01 on Monday. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55. The firm has a fifty day moving average of $55.36 and a 200-day moving average of $48.57.

Smartsheet (NYSE:SMAR) last released its 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 return on equity of 4.29% and a negative net margin of 4.07%. The firm had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same quarter in the prior year, the company earned ($0.23) EPS. The company’s revenue was up 17.3% on a year-over-year basis. Research analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its board has authorized a stock repurchase program on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors 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.