Brown Capital Management LLC Cuts Holdings in Smartsheet Inc (NYSE:SMAR)

Brown Capital Management LLC cut its holdings in shares of Smartsheet Inc (NYSE:SMAR) by 13.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,512,862 shares of the company’s stock after selling 565,027 shares during the period. Smartsheet accounts for 4.2% of Brown Capital Management LLC’s portfolio, making the stock its 6th biggest position. Brown Capital Management LLC owned approximately 2.53% of Smartsheet worth $194,472,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SMAR. International Assets Investment Management LLC purchased a new stake in Smartsheet in the second quarter worth $25,000. Versant Capital Management Inc purchased a new stake in shares of Smartsheet in the 2nd quarter worth about $31,000. Raleigh Capital Management Inc. purchased a new position in Smartsheet during the 3rd quarter valued at about $31,000. Waldron Private Wealth LLC purchased a new stake in Smartsheet in the third quarter worth about $33,000. Finally, Plato Investment Management Ltd bought a new position in shares of Smartsheet during the first quarter valued at approximately $35,000. Institutional investors own 90.01% of the company’s stock.

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $56.05, for a total value of $280,250.00. Following the completion of the transaction, the chief executive officer now owns 578,762 shares in the company, valued at approximately $32,439,610.10. This trade represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company’s 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 sale, the chief operating officer now owns 64,215 shares in the company, valued at approximately $3,403,395. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

SMAR has been the topic of several recent research reports. Citigroup restated a “neutral” rating and issued a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Canaccord Genuity Group cut Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. Needham & Company LLC restated a “hold” rating and set a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. Morgan Stanley upped their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Truist Financial restated a “hold” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Smartsheet has a consensus rating of “Hold” and a consensus target price of $55.82.

Smartsheet Price Performance

SMAR opened at $55.93 on Thursday. The firm has a market cap of $7.77 billion, a P/E ratio of -180.41 and a beta of 0.74. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The company has a 50 day simple moving average of $55.18 and a two-hundred day simple moving average of $48.27.

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

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