Dynamic Technology Lab Private Ltd Trims Stake in Smartsheet Inc (NYSE:SMAR)

Dynamic Technology Lab Private Ltd lessened its position in Smartsheet Inc (NYSE:SMAR - Free Report) by 88.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,028 shares of the company's stock after selling 36,801 shares during the quarter. Dynamic Technology Lab Private Ltd's holdings in Smartsheet were worth $278,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in Smartsheet during the 2nd quarter valued at $25,000. Versant Capital Management Inc bought a new stake in shares of Smartsheet in the second quarter valued at about $31,000. Raleigh Capital Management Inc. purchased a new stake in Smartsheet in the third quarter worth about $31,000. Waldron Private Wealth LLC bought a new position in Smartsheet during the 3rd quarter worth about $33,000. Finally, First Horizon Advisors Inc. increased its position in Smartsheet by 37.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company's stock valued at $39,000 after purchasing an additional 244 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Smartsheet Trading Up 0.2 %

Shares of Smartsheet stock traded up $0.13 during trading hours on Monday, reaching $56.08. The stock had a trading volume of 2,392,805 shares, compared to its average volume of 2,202,603. The stock's 50 day moving average is $55.88 and its 200 day moving average is $49.23. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The firm has a market capitalization of $7.79 billion, a PE ratio of -180.90 and a beta of 0.74.

Smartsheet (NYSE:SMAR - Get Free Report) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.15. The company had revenue of $276.41 million for the quarter, compared to the consensus estimate of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. Smartsheet's revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.23) earnings per share. As a group, sell-side analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its Board of Directors has authorized a stock repurchase plan on Thursday, September 5th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the firm's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the transaction, the chief operating officer now directly owns 64,215 shares of the company's stock, valued at approximately $3,403,395. This trade represents a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.59, for a total transaction of $180,656.89. Following the completion of the sale, the insider now owns 13,529 shares of the company's stock, valued at approximately $684,432.11. The trade was a 20.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,194 shares of company stock worth $2,248,098. Company insiders own 4.52% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wolfe Research reiterated a "peer perform" rating on shares of Smartsheet in a research note on Wednesday, September 25th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $56.50 price target (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. UBS Group reaffirmed a "neutral" rating and set a $56.50 price objective (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. Barclays boosted their target price 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, William Blair reaffirmed a "market perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Smartsheet currently has a consensus rating of "Hold" and an average target price of $55.82.

Smartsheet Company 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.