RAM Investment Partners LLC Cuts Stock Holdings in Smartsheet Inc (NYSE:SMAR)

RAM Investment Partners LLC lowered its stake in shares of Smartsheet Inc (NYSE:SMAR - Free Report) by 37.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,454 shares of the company's stock after selling 12,115 shares during the period. Smartsheet makes up 0.3% of RAM Investment Partners LLC's portfolio, making the stock its 28th biggest position. RAM Investment Partners LLC's holdings in Smartsheet were worth $1,132,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of SMAR. PNC Financial Services Group Inc. boosted its stake in Smartsheet by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company's stock worth $670,000 after acquiring an additional 402 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in Smartsheet in the first quarter worth $29,000. AMI Asset Management Corp acquired a new stake in Smartsheet in the first quarter worth $3,990,000. Van ECK Associates Corp acquired a new position in shares of Smartsheet in the 1st quarter valued at $2,043,000. Finally, Smith Group Asset Management LLC increased its position in shares of Smartsheet by 57.6% in the 1st quarter. Smith Group Asset Management LLC now owns 10,400 shares of the company's stock valued at $400,000 after buying an additional 3,800 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Smartsheet Stock Performance

Shares of SMAR stock traded up $0.42 during midday trading on Thursday, hitting $56.31. 9,796,156 shares of the company were exchanged, compared to its average volume of 2,116,077. The firm's 50 day moving average price is $52.59 and its two-hundred day moving average price is $45.75. The firm has a market capitalization of $7.82 billion, a P/E ratio of -182.19 and a beta of 0.75. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.53.

Smartsheet (NYSE:SMAR - Get Free Report) last posted its 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 company had revenue of $276.41 million during 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%. The company's revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.23) earnings per share. Analysts expect that Smartsheet Inc will post -0.05 EPS for the current year.

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

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the transaction, the insider now directly owns 17,100 shares of the company's stock, valued at $823,878. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total value of $180,241.38. Following the transaction, the insider now directly owns 17,100 shares of the company's stock, valued at $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mark Patrick Mader sold 5,000 shares of the company's stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $55.35, for a total value of $276,750.00. Following the sale, the chief executive officer now owns 583,762 shares of the company's stock, valued at $32,311,226.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,730 shares of company stock valued at $1,968,866 over the last 90 days. 4.52% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have weighed in on SMAR. Wolfe Research reissued a "peer perform" rating on shares of Smartsheet in a research note on Wednesday, September 25th. JPMorgan Chase & Co. restated 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. BMO Capital Markets reissued a "market perform" rating and issued a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. DA Davidson reaffirmed a "neutral" rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, UBS Group reiterated a "neutral" rating and issued a $56.50 price objective (down from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Smartsheet currently has a consensus rating of "Hold" and a consensus price target of $55.82.

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.