Smartsheet Inc (NYSE:SMAR) Position Lessened by Fred Alger Management LLC

Fred Alger Management LLC lowered its position in Smartsheet Inc (NYSE:SMAR) by 22.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,602 shares of the company’s stock after selling 29,333 shares during the quarter. Fred Alger Management LLC owned approximately 0.07% of Smartsheet worth $4,346,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of SMAR. International Assets Investment Management LLC acquired a new stake in shares of Smartsheet during the 2nd quarter valued at about $25,000. Banque Cantonale Vaudoise bought a new position in Smartsheet during the first quarter valued at approximately $29,000. Versant Capital Management Inc acquired a new stake in Smartsheet in the second quarter valued at approximately $31,000. Plato Investment Management Ltd acquired a new stake in Smartsheet in the first quarter valued at approximately $35,000. Finally, First Horizon Advisors Inc. grew 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 in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SMAR has been the topic of a number of recent research reports. JPMorgan Chase & Co. restated a “neutral” rating and set a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday. DA Davidson restated a “neutral” rating and set a $56.50 target price (up from $55.00) on shares of Smartsheet in a report on Tuesday. UBS Group reiterated a “neutral” rating and set a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a research note on Thursday. William Blair restated a “market perform” rating on shares of Smartsheet in a report on Wednesday. Finally, Canaccord Genuity Group downgraded Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Smartsheet has a consensus rating of “Hold” and a consensus price target of $56.21.

Smartsheet Stock Down 0.1 %

SMAR stock opened at $55.33 on Friday. The business’s 50-day simple moving average is $49.17 and its 200 day simple moving average is $43.43. The company has a market cap of $7.69 billion, a PE ratio of -89.24 and a beta of 0.74. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $55.60.

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

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

Insider Activity

In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at $30,486,096.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at $30,486,096.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 2,004 shares of the stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $48.00, for a total value of $96,192.00. Following the transaction, the chief operating officer now owns 61,791 shares of the company’s stock, valued at $2,965,968. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,157 shares of company stock worth $1,762,763. 4.52% of the stock is currently owned by corporate insiders.

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.