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

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

A number of other large investors also recently added to or reduced their stakes in the business. US Bancorp DE boosted its holdings in shares of Smartsheet by 12.9% during the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company's stock valued at $97,000 after purchasing an additional 200 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in Smartsheet by 37.5% during the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company's stock valued at $39,000 after buying an additional 244 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Smartsheet by 2.4% during the 3rd quarter. Principal Financial Group Inc. now owns 11,538 shares of the company's stock valued at $639,000 after buying an additional 266 shares in the last quarter. Atria Investments Inc increased its stake in Smartsheet by 3.1% in the 3rd quarter. Atria Investments Inc now owns 9,749 shares of the company's stock worth $540,000 after acquiring an additional 289 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Smartsheet by 3.5% during the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company's stock worth $383,000 after acquiring an additional 294 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Guggenheim lowered shares of Smartsheet from a "buy" rating to a "neutral" rating in a report on Monday. Barclays lifted their price objective on shares of Smartsheet from $50.00 to $56.50 and gave the stock an "equal weight" rating in a research note on Wednesday, September 25th. Wolfe Research restated a "peer perform" rating on shares of Smartsheet in a research report on Wednesday, September 25th. Truist Financial reaffirmed a "hold" rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Finally, DA Davidson reissued a "neutral" rating and set a $56.50 price objective (up from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $55.82.

Smartsheet Stock Performance

Shares of SMAR remained flat at $55.86 during trading hours on Thursday. 1,139,206 shares of the stock were exchanged, compared to its average volume of 2,201,385. The stock has a 50-day moving average of $54.72 and a two-hundred day moving average of $47.66. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of -180.16 and a beta of 0.74. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55.

Smartsheet (NYSE:SMAR - Get Free Report) last released its quarterly earnings data 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 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 quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.23) EPS. On average, equities analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its Board of Directors has initiated a share buyback plan 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Insider Activity at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet 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 directly owns 13,529 shares of the company's stock, valued at $684,432.11. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, COO Stephen Robert Branstetter sold 1,847 shares of the company's stock in a transaction that occurred 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 sale, the chief operating officer now owns 64,215 shares of the company's stock, valued at approximately $3,403,395. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of Smartsheet stock in a transaction that occurred 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 transaction, the insider now directly owns 13,529 shares in the company, valued at approximately $684,432.11. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,989 shares of company stock worth $2,068,874. Company insiders own 4.52% of the company's stock.

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.