Qsemble Capital Management LP Sells 5,582 Shares of Smartsheet Inc (NYSE:SMAR)

Qsemble Capital Management LP decreased its holdings in Smartsheet Inc (NYSE:SMAR) by 26.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 15,727 shares of the company’s stock after selling 5,582 shares during the quarter. Qsemble Capital Management LP’s holdings in Smartsheet were worth $871,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. CWM LLC raised its holdings in shares of Smartsheet by 218.0% in the second quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after buying an additional 13,621 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Smartsheet by 169.3% in the second quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company’s stock worth $4,605,000 after acquiring an additional 65,670 shares during the last quarter. Bailard Inc. bought a new stake in shares of Smartsheet during the second quarter valued at approximately $3,435,000. Harbor Capital Advisors Inc. increased its holdings in shares of Smartsheet by 94.6% in the second quarter. Harbor Capital Advisors Inc. now owns 69,189 shares of the company’s stock valued at $3,050,000 after purchasing an additional 33,640 shares in the last quarter. Finally, Bank of Montreal Can bought a new position in Smartsheet in the 2nd quarter worth approximately $3,274,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insiders Place Their Bets

In related news, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the transaction, the insider now directly owns 13,529 shares of the company’s stock, valued at approximately $684,432.11. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction 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. This trade represents a 3.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,194 shares of company stock valued at $2,248,098 in the last three months. 4.52% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SMAR shares. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Barclays upped their target price on shares of Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. BMO Capital Markets reiterated a “market perform” rating and set a $56.50 price target (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Morgan Stanley boosted 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, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $56.50 price objective on shares of Smartsheet in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Smartsheet currently has an average rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Down 0.2 %

Shares of NYSE SMAR opened at $55.98 on Wednesday. The company has a fifty day moving average price of $55.51 and a 200 day moving average price of $48.81. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results 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 analysts’ expectations 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 quarterly revenue was up 17.3% on a year-over-year basis. During the same period last year, the business earned ($0.23) EPS. As a group, sell-side analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

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