GSA Capital Partners LLP Sells 35,658 Shares of Smartsheet Inc (NYSE:SMAR)

GSA Capital Partners LLP lessened its holdings in Smartsheet Inc (NYSE:SMAR) by 78.8% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,575 shares of the company’s stock after selling 35,658 shares during the period. GSA Capital Partners LLP’s holdings in Smartsheet were worth $530,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Smartsheet by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after acquiring an additional 225,390 shares in the last quarter. Covestor Ltd lifted its holdings in Smartsheet by 37.5% during the first quarter. Covestor Ltd now owns 2,899 shares of the company’s stock valued at $112,000 after purchasing an additional 790 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Smartsheet by 1.3% during the first quarter. Bessemer Group Inc. now owns 39,271 shares of the company’s stock valued at $1,512,000 after purchasing an additional 500 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Smartsheet during the first quarter valued at approximately $203,000. Finally, Natixis lifted its holdings in Smartsheet by 14.3% during the first quarter. Natixis now owns 75,500 shares of the company’s stock valued at $2,907,000 after purchasing an additional 9,438 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 3,571 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the transaction, the insider now owns 13,529 shares in the company, valued at $684,432.11. This represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 transaction of $1,035,600.00. Following the transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. This trade represents a 3.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,194 shares of company stock valued at $2,248,098 over the last three months. 4.52% of the stock is owned by company insiders.

Smartsheet Trading Up 0.1 %

Shares of SMAR opened at $55.89 on Wednesday. The firm has a market capitalization of $7.77 billion, a P/E ratio of -180.28 and a beta of 0.74. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55. The firm has a fifty day moving average price of $54.99 and a 200-day moving average price of $48.10.

Smartsheet (NYSE:SMAR) last issued its earnings results 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 firm had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The business’s 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. Analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its Board of Directors has authorized a stock buyback program on Thursday, September 5th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SMAR. Morgan Stanley lifted their price target on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. William Blair reaffirmed a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Wells Fargo & Company reiterated an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a research report on Tuesday, September 24th. BMO Capital Markets reiterated a “market perform” rating and set a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, DA Davidson reiterated a “neutral” rating and set a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average 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.