Clearline Capital LP Has $346,000 Stake in Smartsheet Inc (NYSE:SMAR)

Clearline Capital LP cut its stake in shares of Smartsheet Inc (NYSE:SMAR) by 97.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,249 shares of the company’s stock after selling 201,657 shares during the quarter. Clearline Capital LP’s holdings in Smartsheet were worth $346,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Atom Investors LP bought a new stake in Smartsheet in the third quarter valued at $375,000. Bardin Hill Management Partners LP bought a new stake in Smartsheet in the 3rd quarter valued at about $6,903,000. True Wealth Design LLC acquired a new position in Smartsheet during the 3rd quarter worth approximately $41,000. Scalar Gauge Management LLC raised its stake in Smartsheet by 18.2% during the 3rd quarter. Scalar Gauge Management LLC now owns 65,000 shares of the company’s stock worth $3,598,000 after buying an additional 10,000 shares during the period. Finally, Westchester Capital Management LLC bought a new position in Smartsheet in the third quarter worth approximately $24,772,000. 90.01% of the stock is owned by institutional investors.

Smartsheet Stock Performance

SMAR opened at $55.95 on Monday. Smartsheet Inc has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The firm has a 50-day moving average of $55.80 and a 200 day moving average of $49.13. The firm has a market cap of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74.

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

Smartsheet declared that its board has authorized a stock repurchase program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Smartsheet

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares of the company’s stock, valued at approximately $3,403,395. This represents a 2.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,205 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the transaction, the insider now owns 18,695 shares of the company’s stock, valued at approximately $1,045,424.40. This represents a 14.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,194 shares of company stock worth $2,248,098. 4.52% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on SMAR. UBS Group reaffirmed a “neutral” rating and set a $56.50 target price (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Morgan Stanley upped their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Needham & Company LLC reiterated a “hold” rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $56.50 target price on shares of Smartsheet in a research report on Thursday, October 24th. Finally, DA Davidson reaffirmed 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. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $55.82.

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.