Quarry LP Purchases 6,093 Shares of Smartsheet Inc (NYSE:SMAR)

Quarry LP increased its position in Smartsheet Inc (NYSE:SMAR) by 541.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,218 shares of the company’s stock after buying an additional 6,093 shares during the period. Quarry LP’s holdings in Smartsheet were worth $318,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new position in shares of Smartsheet during the 2nd quarter worth $25,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet during the first quarter worth $29,000. Versant Capital Management Inc bought a new position in Smartsheet during the second quarter valued at about $31,000. Plato Investment Management Ltd bought a new position in Smartsheet during the first quarter valued at about $35,000. Finally, First Horizon Advisors Inc. lifted its position in shares of 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 buying an additional 244 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Smartsheet Trading Up 0.0 %

Shares of NYSE SMAR opened at $55.34 on Monday. The firm has a market capitalization of $7.66 billion, a price-to-earnings ratio of -89.26 and a beta of 0.74. The business has a fifty day simple moving average of $49.46 and a 200 day simple moving average of $43.64. Smartsheet Inc has a one year low of $35.52 and a one year high of $55.60.

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

Smartsheet announced that its Board of Directors has authorized a share buyback plan on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, CEO Mark Patrick Mader sold 20,000 shares of the business’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 owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, COO Stephen Robert Branstetter sold 1,847 shares of Smartsheet stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of the transaction, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction that occurred 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 owns 588,762 shares in the company, valued at $30,486,096.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,157 shares of company stock worth $1,762,763. Company insiders own 4.52% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on SMAR shares. Wells Fargo & Company reissued an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. DA Davidson reissued a “neutral” rating and issued a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Wolfe Research restated a “peer perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Barclays raised their target price on shares of Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Finally, Guggenheim boosted their target price on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $55.82.

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.