Smartsheet Inc (NYSE:SMAR) is Eminence Capital LP’s 7th Largest Position

Eminence Capital LP increased its stake in Smartsheet Inc (NYSE:SMAR) by 9.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,251,328 shares of the company’s stock after acquiring an additional 358,988 shares during the period. Smartsheet comprises approximately 3.0% of Eminence Capital LP’s portfolio, making the stock its 7th largest position. Eminence Capital LP owned about 3.07% of Smartsheet worth $187,399,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in Smartsheet during the second quarter valued at about $25,000. Versant Capital Management Inc purchased a new stake in Smartsheet during the second quarter valued at about $31,000. Banque Cantonale Vaudoise purchased a new stake in Smartsheet during the first quarter valued at about $29,000. First Horizon Advisors Inc. boosted its position in Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after buying an additional 244 shares during the period. Finally, Plato Investment Management Ltd bought a new position in shares of Smartsheet during the first quarter valued at about $35,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Trading Down 0.2 %

SMAR opened at $55.37 on Thursday. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $55.60. The company has a market capitalization of $7.69 billion, a PE ratio of -89.30 and a beta of 0.74. The firm’s 50 day simple moving average is $49.17 and its two-hundred day simple moving average is $43.43.

Smartsheet (NYSE:SMAR) last released 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. 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 the consensus estimate of $274.23 million. During the same period last year, the firm earned ($0.23) earnings per share. The company’s quarterly revenue was up 17.3% on a year-over-year basis. Equities analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

Several brokerages have recently commented on SMAR. Morgan Stanley upped their price objective on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. DA Davidson reaffirmed a “neutral” rating and set a $56.50 price objective (up from $55.00) on shares of Smartsheet in a research note on Tuesday. Truist Financial reissued a “hold” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Wednesday. William Blair reissued a “market perform” rating on shares of Smartsheet in a research note on Wednesday. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $56.47.

Insiders Place Their Bets

In other news, CEO Mark Patrick Mader sold 20,000 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Stephen Robert Branstetter sold 4,272 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $44.42, for a total transaction of $189,762.24. Following the sale, the chief operating officer now directly owns 63,795 shares in the company, valued at approximately $2,833,773.90. The sale was disclosed in a legal 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 firm’s stock in a transaction on 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 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. Over the last ninety days, insiders have sold 39,429 shares of company stock worth $1,952,525. Company insiders own 4.52% of the company’s stock.

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.