Smartsheet Inc (NYSE:SMAR) Shares Sold by WCM Investment Management LLC

WCM Investment Management LLC trimmed its stake in Smartsheet Inc (NYSE:SMAR) by 33.3% during the third quarter, HoldingsChannel.com reports. The fund owned 282,516 shares of the company’s stock after selling 141,350 shares during the period. WCM Investment Management LLC’s holdings in Smartsheet were worth $15,634,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. US Bancorp DE grew its holdings in shares of Smartsheet by 12.9% in the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after acquiring an additional 200 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after acquiring an additional 244 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Smartsheet by 2.4% in the 3rd quarter. Principal Financial Group Inc. now owns 11,538 shares of the company’s stock worth $639,000 after acquiring an additional 266 shares during the last quarter. Atria Investments Inc grew its holdings in shares of Smartsheet by 3.1% in the 3rd quarter. Atria Investments Inc now owns 9,749 shares of the company’s stock worth $540,000 after acquiring an additional 289 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Smartsheet by 3.5% in the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock worth $383,000 after acquiring an additional 294 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, 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 value of $180,241.38. Following the completion of the sale, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 value of $180,241.38. Following the transaction, the insider now directly owns 17,100 shares of the company’s stock, valued at $823,878. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,730 shares of company stock valued at $2,249,116 over the last quarter. Insiders own 4.52% of the company’s stock.

Smartsheet Trading Down 0.2 %

SMAR opened at $55.91 on Tuesday. The stock has a market cap of $7.77 billion, a price-to-earnings ratio of -180.35 and a beta of 0.74. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The stock has a fifty day moving average price of $54.24 and a 200 day moving average price of $47.35.

Smartsheet (NYSE:SMAR) last announced its quarterly 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 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 quarter in the previous year, the firm earned ($0.23) earnings per share. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its board has authorized a stock repurchase program 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 shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. restated a “neutral” rating and issued a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. UBS Group reiterated a “neutral” rating and set a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Morgan Stanley lifted their price target on Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Guggenheim downgraded Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday. Finally, DA Davidson reiterated a “neutral” rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $55.82.

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.