Alpine Associates Management Inc. Buys New Shares in Smartsheet Inc (NYSE:SMAR)

Alpine Associates Management Inc. purchased a new stake in Smartsheet Inc (NYSE:SMAR - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 506,300 shares of the company's stock, valued at approximately $28,029,000. Smartsheet accounts for approximately 1.3% of Alpine Associates Management Inc.'s holdings, making the stock its 20th largest holding. Alpine Associates Management Inc. owned approximately 0.36% of Smartsheet as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. CWM LLC increased its stake in shares of Smartsheet by 218.0% during the second quarter. CWM LLC now owns 19,869 shares of the company's stock worth $876,000 after buying an additional 13,621 shares during the period. Vanguard Group Inc. increased its holdings in Smartsheet by 1.7% in the first quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company's stock valued at $531,655,000 after buying an additional 225,390 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Smartsheet by 169.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 104,460 shares of the company's stock worth $4,605,000 after acquiring an additional 65,670 shares in the last quarter. Bailard Inc. purchased a new position in shares of Smartsheet in the 2nd quarter valued at about $3,435,000. Finally, Harbor Capital Advisors Inc. raised its position in shares of Smartsheet by 94.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 69,189 shares of the company's stock worth $3,050,000 after acquiring an additional 33,640 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Smartsheet Trading Up 0.1 %

SMAR traded up $0.03 during midday trading on Wednesday, hitting $55.92. The company's stock had a trading volume of 1,246,954 shares, compared to its average volume of 2,201,164. The firm has a market cap of $7.77 billion, a P/E ratio of -180.28 and a beta of 0.74. The firm has a 50-day moving average price of $55.08 and a two-hundred day moving average price of $48.22. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55.

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 analysts' consensus estimates of $0.29 by $0.15. The firm had revenue of $276.41 million during the quarter, compared to analysts' expectations 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 period in the prior year, the company earned ($0.23) EPS. On average, equities analysts expect that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet declared that its Board of Directors has approved a share buyback program on Thursday, September 5th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

SMAR has been the subject of several research analyst reports. Barclays upped their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the company an "equal weight" rating in a research note on Wednesday, September 25th. Canaccord Genuity Group reaffirmed a "hold" rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Morgan Stanley boosted their price target on shares of Smartsheet from $55.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, September 6th. UBS Group reiterated a "neutral" rating and issued a $56.50 price objective (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Finally, Needham & Company LLC restated a "hold" rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $55.82.

Insider Buying and Selling at Smartsheet

In other news, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $56.05, for a total value of $280,250.00. Following the completion of the transaction, the chief executive officer now directly owns 578,762 shares of the company's stock, valued at approximately $32,439,610.10. The trade was a 0.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the sale, the insider now owns 13,529 shares in the company, valued at approximately $684,432.11. This trade represents a 20.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,194 shares of company stock worth $2,248,098 in the last ninety days. 4.52% of the stock is owned by insiders.

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.