Scalar Gauge Management LLC Reduces Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Scalar Gauge Management LLC trimmed its position in shares of Smartsheet Inc (NYSE:SMAR) by 31.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,000 shares of the company’s stock after selling 25,000 shares during the quarter. Smartsheet accounts for approximately 1.4% of Scalar Gauge Management LLC’s investment portfolio, making the stock its 20th largest position. Scalar Gauge Management LLC’s holdings in Smartsheet were worth $2,424,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in shares of Smartsheet during the fourth quarter valued at approximately $68,879,000. PNC Financial Services Group Inc. boosted its holdings in shares of Smartsheet by 3.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company’s stock valued at $670,000 after buying an additional 402 shares in the last quarter. UBS Group AG grew its holdings in Smartsheet by 59.9% in the fourth quarter. UBS Group AG now owns 181,234 shares of the company’s stock worth $8,667,000 after purchasing an additional 67,878 shares during the last quarter. Advisory Services Network LLC increased its position in Smartsheet by 21.5% during the 4th quarter. Advisory Services Network LLC now owns 6,682 shares of the company’s stock valued at $320,000 after buying an additional 1,184 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its stake in shares of Smartsheet by 34.0% during the fourth quarter. Artisan Partners Limited Partnership now owns 524,236 shares of the company’s stock worth $25,069,000 after acquiring an additional 133,153 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Morgan Stanley upped their price target on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. UBS Group raised their price objective on Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Barclays upped their target price on Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, September 6th. Wells Fargo & Company lifted their price objective on shares of Smartsheet from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, June 6th. Finally, Canaccord Genuity Group boosted their target price on shares of Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Smartsheet currently has an average rating of “Moderate Buy” and a consensus target price of $55.06.

Smartsheet Trading Up 1.2 %

SMAR stock opened at $52.08 on Tuesday. The firm has a 50-day moving average of $48.76 and a two-hundred day moving average of $43.25. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $54.50. The company has a market cap of $7.20 billion, a price-to-earnings ratio of -84.00 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating 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 company had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the prior year, the business earned ($0.23) EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. As a group, equities analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its Board of Directors has approved a stock buyback plan on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, COO Stephen Robert Branstetter sold 4,272 shares of the company’s stock in a transaction 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 transaction, the chief operating officer now owns 63,795 shares of the company’s stock, valued at approximately $2,833,773.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction on Friday, June 28th. The shares were 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,429 shares of company stock valued at $1,952,525. 4.52% of the stock is currently owned by company 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.