Seven Eight Capital LP Sells 53,917 Shares of Smartsheet Inc (NYSE:SMAR)

Seven Eight Capital LP reduced its stake in Smartsheet Inc (NYSE:SMAR) by 69.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,371 shares of the company’s stock after selling 53,917 shares during the period. Seven Eight Capital LP’s holdings in Smartsheet were worth $1,030,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in Smartsheet in the 4th quarter valued at about $68,879,000. Swedbank AB bought a new stake in shares of Smartsheet during the first quarter valued at approximately $38,388,000. Granahan Investment Management LLC raised its position in shares of Smartsheet by 908.1% during the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock worth $49,767,000 after purchasing an additional 937,483 shares during the period. Panagora Asset Management Inc. bought a new position in shares of Smartsheet in the 2nd quarter worth $21,254,000. Finally, Coronation Fund Managers Ltd. grew its position in Smartsheet by 44.2% in the 1st quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock valued at $59,683,000 after purchasing an additional 474,898 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Smartsheet Trading Up 1.3 %

Shares of NYSE SMAR opened at $51.45 on Friday. The firm has a market cap of $7.15 billion, a price-to-earnings ratio of -82.98 and a beta of 0.74. The stock has a fifty day simple moving average of $48.61 and a two-hundred day simple moving average of $43.15. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $54.50.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million during 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 revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.23) EPS. Analysts forecast that Smartsheet Inc will post -0.05 EPS for the current year.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SMAR. Barclays raised their price objective on shares of Smartsheet from $45.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. 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. Citigroup lifted their target price on Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, September 6th. BMO Capital Markets increased their price target on Smartsheet from $48.00 to $59.00 and gave the company an “outperform” rating in a research report on Friday, September 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 price objective on shares of Smartsheet in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.06.

Insider Activity at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction 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 sale, the insider now owns 16,567 shares in the company, valued at $714,203.37. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Smartsheet news, insider Jolene Lau Marshall sold 3,994 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the sale, the insider now directly owns 16,567 shares in the company, valued at approximately $714,203.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the firm’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 directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 39,429 shares of company stock worth $1,952,525. 4.52% of the stock is owned by corporate insiders.

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.