Clearline Capital LP Has $9.16 Million Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Clearline Capital LP lifted its stake in shares of Smartsheet Inc (NYSE:SMAR) by 145.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 207,906 shares of the company’s stock after purchasing an additional 123,204 shares during the quarter. Clearline Capital LP owned 0.15% of Smartsheet worth $9,164,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Sei Investments Co. grew its stake in Smartsheet by 20.3% during the first quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after buying an additional 24,823 shares in the last quarter. CWM LLC lifted its holdings in shares of Smartsheet by 218.0% during the 2nd quarter. CWM LLC now owns 19,869 shares of the company’s stock worth $876,000 after acquiring an additional 13,621 shares during the period. Capstone Investment Advisors LLC acquired a new stake in shares of Smartsheet during the 1st quarter worth approximately $1,512,000. Alberta Investment Management Corp bought a new position in Smartsheet in the fourth quarter valued at approximately $1,219,000. Finally, Sirios Capital Management L P bought a new position in Smartsheet in the fourth quarter valued at approximately $9,947,000. Institutional investors own 90.01% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SMAR shares. UBS Group restated a “neutral” rating and set a $56.50 target price (down from $61.00) on shares of Smartsheet in a research note on Thursday. Royal Bank of Canada upped their price objective on Smartsheet from $51.00 to $56.50 and gave the stock a “sector perform” rating in a research report on Wednesday. Wells Fargo & Company reiterated an “equal weight” rating and issued a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Finally, Morgan Stanley raised 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. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Smartsheet has an average rating of “Hold” and an average price target of $55.82.

Smartsheet Stock Up 0.0 %

Shares of NYSE:SMAR opened at $55.34 on Friday. The firm has a market cap of $7.66 billion, a P/E ratio of -89.26 and a beta of 0.74. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $55.60. The business has a fifty day simple moving average of $49.46 and a 200 day simple moving average of $43.61.

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

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

Insider Transactions at Smartsheet

In related news, insider Jolene Lau Marshall sold 3,994 shares of Smartsheet stock in a transaction on Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Jolene Lau Marshall sold 3,994 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 16,567 shares of the company’s stock, valued at $714,203.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at $3,403,395. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,157 shares of company stock worth $1,762,763. Company 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.