Bardin Hill Management Partners LP Makes New $6.90 Million Investment in Smartsheet Inc (NYSE:SMAR)

Bardin Hill Management Partners LP purchased a new position in Smartsheet Inc (NYSE:SMAR - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 124,688 shares of the company's stock, valued at approximately $6,903,000. Smartsheet makes up 3.2% of Bardin Hill Management Partners LP's portfolio, making the stock its 11th biggest holding. Bardin Hill Management Partners LP owned about 0.09% of Smartsheet as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Brooklyn Investment Group bought a new stake in Smartsheet during the 3rd quarter valued at about $28,000. Raleigh Capital Management Inc. purchased a new stake in shares of Smartsheet during the 3rd quarter valued at about $31,000. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet during the 2nd quarter valued at about $25,000. Waldron Private Wealth LLC purchased a new stake in shares of Smartsheet during the 3rd quarter valued at about $33,000. Finally, Versant Capital Management Inc purchased a new stake in shares of Smartsheet during the 2nd quarter valued at about $31,000. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Stock Performance

Shares of Smartsheet stock traded up $0.11 on Monday, hitting $56.06. 1,908,169 shares of the company traded hands, compared to its average volume of 2,200,355. The stock has a market capitalization of $7.79 billion, a P/E ratio of -180.48 and a beta of 0.74. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55. The business has a 50-day simple moving average of $55.80 and a 200 day simple moving average of $49.13.

Smartsheet (NYSE:SMAR - Get Free Report) last announced 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 company had revenue of $276.41 million for the quarter, compared to analysts' expectations of $274.23 million. During the same quarter in the previous year, the business posted ($0.23) earnings per share. Smartsheet's quarterly revenue was up 17.3% on a year-over-year basis. Research analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its Board of Directors has initiated a share repurchase plan on Thursday, September 5th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to buy up to 2.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Citigroup reaffirmed a "neutral" rating and set a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a report on Friday, September 27th. UBS Group reaffirmed a "neutral" rating and set a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. DA Davidson reaffirmed a "neutral" rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Barclays raised their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the stock an "equal weight" rating in a report on Wednesday, September 25th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $56.50 price objective on shares of Smartsheet in a report on Thursday, October 24th. One investment 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. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $55.82.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the business's 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 completion of the transaction, the chief operating officer now owns 64,215 shares of the company's stock, valued at $3,403,395. This represents a 2.80 % 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 worth $2,248,098 over the last quarter. 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.