TimesSquare Capital Management LLC Sells 215,653 Shares of Smartsheet Inc (NYSE:SMAR)

TimesSquare Capital Management LLC trimmed its position in shares of Smartsheet Inc (NYSE:SMAR) by 10.3% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,881,211 shares of the company’s stock after selling 215,653 shares during the quarter. Smartsheet makes up 1.6% of TimesSquare Capital Management LLC’s holdings, making the stock its 11th largest holding. TimesSquare Capital Management LLC’s holdings in Smartsheet were worth $104,144,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SMAR. US Bancorp DE boosted its holdings in shares of Smartsheet by 12.9% in the third quarter. US Bancorp DE now owns 1,749 shares of the company’s stock worth $97,000 after buying an additional 200 shares during the last quarter. First Horizon Advisors Inc. raised its position in Smartsheet by 37.5% in the second 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 period. Principal Financial Group Inc. boosted its stake in shares of Smartsheet by 2.4% during 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 position in shares of Smartsheet by 3.1% during the 3rd quarter. Atria Investments Inc now owns 9,749 shares of the company’s stock valued at $540,000 after acquiring an additional 289 shares during the period. Finally, Amalgamated Bank grew its position in shares of Smartsheet by 3.5% during the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company’s stock valued at $383,000 after acquiring an additional 294 shares during the period. 90.01% of the stock is owned by institutional investors.

Insider Activity

In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $56.05, for a total transaction of $280,250.00. Following the completion of the transaction, the chief executive officer now owns 578,762 shares in the company, valued at $32,439,610.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Smartsheet news, CEO Mark Patrick Mader sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $56.05, for a total transaction of $280,250.00. Following the sale, the chief executive officer now directly owns 578,762 shares in the company, valued at $32,439,610.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $55.37, for a total value of $197,726.27. Following the completion of the sale, the insider now directly owns 9,958 shares of the company’s stock, valued at $551,374.46. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,730 shares of company stock worth $2,249,116. 4.52% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

SMAR has been the topic of several analyst reports. Jefferies Financial Group reiterated a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. DA Davidson reiterated a “neutral” rating and set a $56.50 price objective (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Wolfe Research reissued a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Needham & Company LLC reaffirmed a “hold” rating and set a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Barclays increased their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $55.82.

Smartsheet Stock Up 0.1 %

Shares of SMAR stock opened at $56.02 on Friday. The stock has a market cap of $7.78 billion, a P/E ratio of -180.71 and a beta of 0.74. The company’s fifty day simple moving average is $54.24 and its two-hundred day simple moving average is $47.23. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55.

Smartsheet (NYSE:SMAR) last posted its earnings results 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 the consensus estimate 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 revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.23) earnings per share. On average, analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its board has authorized a share buyback plan on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to buy up to 2.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

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.