GSA Capital Partners LLP Has $530,000 Holdings in Smartsheet Inc (NYSE:SMAR)

GSA Capital Partners LLP trimmed its stake in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 78.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,575 shares of the company's stock after selling 35,658 shares during the quarter. GSA Capital Partners LLP's holdings in Smartsheet were worth $530,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SMAR. Swedbank AB acquired a new stake in shares of Smartsheet during the first quarter valued at approximately $38,388,000. AQR Capital Management LLC raised its holdings in shares of Smartsheet by 188.0% during the second quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company's stock valued at $58,844,000 after acquiring an additional 881,004 shares during the period. Engaged Capital LLC acquired a new stake in shares of Smartsheet during the second quarter valued at approximately $29,600,000. Marshall Wace LLP raised its holdings in shares of Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company's stock valued at $80,931,000 after acquiring an additional 533,278 shares during the period. Finally, Panagora Asset Management Inc. acquired a new stake in shares of Smartsheet during the second quarter valued at approximately $21,254,000. 90.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, COO Stephen Robert Branstetter sold 1,847 shares of the firm's stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total value of $97,891.00. Following the completion of 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm's stock in a transaction on 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 transaction, the insider now directly owns 13,529 shares of the company's stock, valued at $684,432.11. This represents a 20.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,194 shares of company stock worth $2,248,098. Company insiders own 4.52% of the company's stock.

Smartsheet Stock Up 0.1 %

NYSE:SMAR traded up $0.04 during mid-day trading on Wednesday, reaching $55.93. 1,929,518 shares of the company were exchanged, compared to its average volume of 2,204,198. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55. The company has a fifty day moving average of $55.08 and a 200 day moving average of $48.22. The stock has a market cap of $7.77 billion, a PE ratio of -180.28 and a beta of 0.74.

Smartsheet (NYSE:SMAR - Get Free Report) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company's revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.23) EPS. On average, equities research analysts anticipate that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet announced that its board has authorized a share buyback program on Thursday, September 5th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

SMAR has been the topic of a number of research analyst reports. Canaccord Genuity Group downgraded shares of Smartsheet from a "strong-buy" rating to a "hold" rating in a research report 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. Guggenheim downgraded shares of Smartsheet from a "buy" rating to a "neutral" rating in a research report on Monday, November 11th. Truist Financial 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. Finally, Needham & Company LLC reissued a "hold" rating and issued a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 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. Based on data from MarketBeat, Smartsheet has an average rating of "Hold" and a consensus price target of $55.82.

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.