Smartsheet Inc (NYSE:SMAR) Shares Acquired by RGM Capital LLC

RGM Capital LLC increased its position in shares of Smartsheet Inc (NYSE:SMAR) by 7.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,223,763 shares of the company’s stock after acquiring an additional 156,817 shares during the period. Smartsheet makes up about 3.9% of RGM Capital LLC’s investment portfolio, making the stock its 14th largest position. RGM Capital LLC owned approximately 1.61% of Smartsheet worth $98,023,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. International Assets Investment Management LLC acquired a new position in shares of Smartsheet in the 2nd quarter worth approximately $25,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet in the first quarter worth approximately $29,000. Versant Capital Management Inc acquired a new stake in shares of Smartsheet during the second quarter worth $31,000. Plato Investment Management Ltd purchased a new position in Smartsheet in the 1st quarter worth about $35,000. Finally, First Horizon Advisors Inc. raised its holdings in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after buying an additional 244 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on SMAR. Canaccord Genuity Group lifted their target price on shares of Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Citigroup lifted their price objective on shares of Smartsheet from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Morgan Stanley increased their target price on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Royal Bank of Canada lifted their price target on Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a report on Friday, September 6th. Finally, Wells Fargo & Company increased their price objective on Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, June 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $55.06.

Smartsheet Stock Performance

Shares of SMAR opened at $51.44 on Friday. The firm has a market cap of $7.15 billion, a PE ratio of -82.97 and a beta of 0.74. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $54.50. The firm’s 50 day moving average price is $48.61 and its 200 day moving average price is $43.17.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data 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. The business had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. Smartsheet’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.23) EPS. On average, sell-side analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction dated 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 owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. Insiders sold 39,429 shares of company stock valued at $1,952,525 over the last quarter. Insiders own 4.52% of the company’s stock.

Smartsheet 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.