Tremblant Capital Group Has $30.64 Million Stock Position in Smartsheet Inc (NYSE:SMAR)

Tremblant Capital Group reduced its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 9.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 695,023 shares of the company’s stock after selling 75,284 shares during the quarter. Smartsheet accounts for about 3.3% of Tremblant Capital Group’s holdings, making the stock its 13th biggest position. Tremblant Capital Group owned approximately 0.50% of Smartsheet worth $30,637,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. International Assets Investment Management LLC purchased a new position in Smartsheet during the second quarter worth about $25,000. Banque Cantonale Vaudoise purchased a new position in Smartsheet during the first quarter worth about $29,000. Versant Capital Management Inc purchased a new position in Smartsheet during the second quarter worth about $31,000. Plato Investment Management Ltd purchased a new position in Smartsheet during the first quarter worth about $35,000. Finally, First Horizon Advisors Inc. boosted its holdings in Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value 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 filing with the SEC, which is available through this link. In other news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $3,403,395. The disclosure for this sale can be found here. Insiders sold a total of 39,429 shares of company stock valued at $1,952,525 in the last quarter. Corporate insiders own 4.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SMAR shares. Wells Fargo & Company boosted their price target on shares of Smartsheet from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, June 6th. UBS Group lifted their price objective on shares of Smartsheet from $56.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Morgan Stanley lifted their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Smartsheet in a research report on Friday, September 6th. One research 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.06.

Smartsheet Trading Up 1.2 %

Smartsheet stock opened at $52.08 on Tuesday. The firm’s 50 day simple moving average is $48.76 and its 200 day simple moving average is $43.25. The firm has a market capitalization of $7.20 billion, a PE ratio of -84.00 and a beta of 0.74. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $54.50.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The business had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same quarter in the prior year, the firm posted ($0.23) EPS. Smartsheet’s revenue was up 17.3% on a year-over-year basis. Research analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its Board of Directors has initiated a share 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 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.