RGM Capital LLC Has $98.02 Million Holdings in Smartsheet Inc (NYSE:SMAR)

RGM Capital LLC grew its stake in Smartsheet Inc (NYSE:SMAR) by 7.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,223,763 shares of the company’s stock after purchasing an additional 156,817 shares during the period. Smartsheet comprises about 3.9% of RGM Capital LLC’s investment portfolio, making the stock its 14th biggest position. RGM Capital LLC’s holdings in Smartsheet were worth $98,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new stake in shares of Smartsheet in the second quarter valued at about $25,000. Banque Cantonale Vaudoise acquired a new position in Smartsheet in the 1st quarter valued at approximately $29,000. Versant Capital Management Inc bought a new stake in shares of Smartsheet in the 2nd quarter worth approximately $31,000. Plato Investment Management Ltd bought a new stake in shares of Smartsheet in the 1st quarter worth approximately $35,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock worth $39,000 after purchasing an additional 244 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on SMAR. Canaccord Genuity Group raised their target price on Smartsheet from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Barclays raised their price objective on shares of Smartsheet from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. UBS Group upped their target price on shares of Smartsheet from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Morgan Stanley increased their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 price objective on shares of Smartsheet in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.06.

Insider Activity

In related news, COO Stephen Robert Branstetter sold 4,272 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the transaction, the chief operating officer now owns 63,795 shares in the company, valued at approximately $2,833,773.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Stephen Robert Branstetter sold 4,272 shares of Smartsheet stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $44.42, for a total value of $189,762.24. Following the completion of the sale, the chief operating officer now directly owns 63,795 shares in the company, valued at $2,833,773.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 3,994 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total transaction of $172,181.34. Following the transaction, the insider now owns 16,567 shares in the company, valued at $714,203.37. The disclosure for this sale can be found here. Insiders have sold 39,429 shares of company stock valued at $1,952,525 over the last three months. 4.52% of the stock is owned by insiders.

Smartsheet Stock Performance

Smartsheet stock opened at $51.44 on Friday. The business’s fifty day moving average is $48.61 and its two-hundred day moving average is $43.17. The firm has a market cap of $7.15 billion, a P/E ratio of -82.97 and a beta of 0.74. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $54.50.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping 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 net margin of 4.07% and a negative return on equity of 4.29%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.23) EPS. On average, equities research analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

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

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.