Scalar Gauge Management LLC Cuts Position in Smartsheet Inc (NYSE:SMAR)

Scalar Gauge Management LLC lowered its position in Smartsheet Inc (NYSE:SMAR) by 31.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 55,000 shares of the company’s stock after selling 25,000 shares during the quarter. Smartsheet makes up about 1.4% of Scalar Gauge Management LLC’s holdings, making the stock its 20th biggest holding. Scalar Gauge Management LLC’s holdings in Smartsheet were worth $2,424,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SMAR. Vanguard Group Inc. lifted its stake in Smartsheet by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock worth $531,655,000 after purchasing an additional 225,390 shares during the last quarter. Dorsal Capital Management LP boosted its holdings in shares of Smartsheet by 4.0% in the 4th quarter. Dorsal Capital Management LP now owns 3,225,000 shares of the company’s stock valued at $154,220,000 after buying an additional 125,000 shares in the last quarter. RGM Capital LLC grew its position in shares of Smartsheet by 7.6% in the 2nd quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock valued at $98,023,000 after buying an additional 156,817 shares during the last quarter. Marshall Wace LLP raised its stake in Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after acquiring an additional 533,278 shares in the last quarter. Finally, Coronation Fund Managers Ltd. lifted its position in Smartsheet by 44.2% in the first quarter. Coronation Fund Managers Ltd. now owns 1,550,203 shares of the company’s stock valued at $59,683,000 after acquiring an additional 474,898 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Transactions at Smartsheet

In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Smartsheet news, COO Stephen Robert Branstetter sold 4,272 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,833,773.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. The disclosure for this sale can be found here. Insiders sold a total of 39,429 shares of company stock valued at $1,952,525 in the last ninety days. Corporate insiders own 4.52% of the company’s stock.

Smartsheet Price Performance

Shares of SMAR stock opened at $52.08 on Tuesday. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $54.50. The business’s fifty day moving average price is $48.76 and its 200 day moving average price is $43.25. The firm has a market capitalization of $7.20 billion, a PE ratio of -84.00 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. The firm 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 revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.23) earnings per share. Equities research analysts expect 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 stock buyback plan on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SMAR shares. Canaccord Genuity Group lifted 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. Royal Bank of Canada lifted their target price on shares of Smartsheet from $43.00 to $51.00 and gave the company a “sector perform” rating in a report on Friday, September 6th. Truist Financial increased their price target on shares of Smartsheet from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Morgan Stanley lifted 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. Finally, Citigroup upped their target price on shares of Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Smartsheet has a consensus rating of “Moderate Buy” and an average price target of $55.06.

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.