Entropy Technologies LP Lowers Stock Holdings in Smartsheet Inc (NYSE:SMAR)

Entropy Technologies LP trimmed its holdings in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 57.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,702 shares of the company's stock after selling 20,964 shares during the period. Entropy Technologies LP's holdings in Smartsheet were worth $869,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position 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 purchasing an additional 225,390 shares during the last quarter. Eminence Capital LP raised its holdings in Smartsheet by 9.2% during the 2nd quarter. Eminence Capital LP now owns 4,251,328 shares of the company's stock valued at $187,399,000 after buying an additional 358,988 shares during the last quarter. RGM Capital LLC boosted its position in Smartsheet by 7.6% during 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 period. Marshall Wace LLP boosted its position in Smartsheet by 40.9% during the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company's stock valued at $80,931,000 after buying an additional 533,278 shares during the period. Finally, AQR Capital Management LLC grew its holdings in Smartsheet by 188.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company's stock worth $58,844,000 after acquiring an additional 881,004 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the sale, the chief executive officer now directly owns 588,762 shares of the company's stock, valued at $30,486,096.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Jolene Lau Marshall sold 3,571 shares of the company's stock in a transaction on Friday, September 13th. The stock was 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 in the company, valued at approximately $684,432.11. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the business's stock in a transaction dated Thursday, September 19th. The shares were 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,989 shares of company stock worth $2,068,874 in the last three months. Insiders own 4.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SMAR shares. 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 note on Wednesday, September 25th. Citigroup reaffirmed a "neutral" rating and set a $56.50 price target (down previously from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. Wolfe Research reiterated a "peer perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, Canaccord Genuity Group lowered Smartsheet from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, Smartsheet currently has an average rating of "Hold" and an average target price of $55.82.

Smartsheet Price Performance

NYSE:SMAR remained flat at $55.86 during trading hours on Thursday. The company's stock had a trading volume of 1,139,206 shares, compared to its average volume of 2,201,385. The firm has a 50-day moving average price of $54.72 and a 200-day moving average price of $47.66. Smartsheet Inc has a 1-year low of $35.52 and a 1-year high of $56.55. The firm has a market capitalization of $7.76 billion, a PE ratio of -180.16 and a beta of 0.74.

Smartsheet (NYSE:SMAR - Get Free Report) last announced 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 analysts' expectations of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. Smartsheet's revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.23) EPS. As a group, analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

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

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.