Smartsheet Inc (NYSE:SMAR) Shares Sold by Seven Eight Capital LP

Seven Eight Capital LP cut its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 69.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,371 shares of the company’s stock after selling 53,917 shares during the period. Seven Eight Capital LP’s holdings in Smartsheet were worth $1,030,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SMAR. Norges Bank acquired a new stake in shares of Smartsheet during the 4th quarter valued at approximately $68,879,000. Swedbank AB bought a new position in shares of Smartsheet in the 1st quarter worth about $38,388,000. Granahan Investment Management LLC boosted its holdings in shares of Smartsheet by 908.1% in the 4th quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock valued at $49,767,000 after buying an additional 937,483 shares during the period. Panagora Asset Management Inc. bought a new stake in shares of Smartsheet during the 2nd quarter valued at about $21,254,000. Finally, Coronation Fund Managers Ltd. grew its position in shares of Smartsheet by 44.2% during the 1st quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock valued at $59,683,000 after buying an additional 474,898 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Transactions at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 4,272 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total transaction of $189,762.24. Following the completion of the transaction, the chief operating officer now owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, COO Stephen Robert Branstetter sold 4,272 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the sale, the chief operating officer now directly owns 63,795 shares of the company’s stock, valued at $2,833,773.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 3,741 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the transaction, the insider now owns 17,100 shares in the company, valued at approximately $823,878. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,429 shares of company stock worth $1,952,525. 4.52% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SMAR. Morgan Stanley raised their target price on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Wells Fargo & Company upped their price objective on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, June 6th. BMO Capital Markets raised their target price on shares of Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday, September 6th. UBS Group upped their price target on shares of Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $57.00 price objective on shares of Smartsheet in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Smartsheet has a consensus rating of “Moderate Buy” and a consensus target price of $55.06.

Smartsheet Stock Up 1.3 %

Shares of Smartsheet stock opened at $51.45 on Friday. The business has a fifty day simple moving average of $48.61 and a 200-day simple moving average of $43.15. The stock has a market cap of $7.15 billion, a PE ratio of -82.98 and a beta of 0.74. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $54.50.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share (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 during the quarter, compared to analyst estimates of $274.23 million. During the same period last year, the company earned ($0.23) earnings per share. Smartsheet’s quarterly revenue was up 17.3% compared to the same quarter last year. Analysts expect that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its board has approved a share repurchase program on Thursday, September 5th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.