Tensile Capital Management LP Sells 186,360 Shares of Smartsheet Inc (NYSE:SMAR)

Tensile Capital Management LP trimmed its position in Smartsheet Inc (NYSE:SMAR - Free Report) by 17.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 879,816 shares of the company's stock after selling 186,360 shares during the period. Smartsheet makes up approximately 5.3% of Tensile Capital Management LP's holdings, making the stock its 9th biggest holding. Tensile Capital Management LP owned 0.63% of Smartsheet worth $48,707,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in SMAR. US Bancorp DE raised its position in Smartsheet by 12.9% during the 3rd quarter. US Bancorp DE now owns 1,749 shares of the company's stock worth $97,000 after buying an additional 200 shares during the last quarter. Landscape Capital Management L.L.C. boosted its holdings in Smartsheet by 0.3% in the third quarter. Landscape Capital Management L.L.C. now owns 83,016 shares of the company's stock valued at $4,596,000 after purchasing an additional 225 shares during the last quarter. First Horizon Advisors Inc. grew its position in Smartsheet by 25.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,122 shares of the company's stock worth $62,000 after purchasing an additional 228 shares during the period. Principal Financial Group Inc. raised its stake in shares of 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 during the last quarter. Finally, Larson Financial Group LLC lifted its holdings in shares of Smartsheet by 2.1% in the 3rd quarter. Larson Financial Group LLC now owns 13,253 shares of the company's stock valued at $734,000 after buying an additional 277 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Canaccord Genuity Group reiterated a "hold" rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Morgan Stanley raised their price target on shares of Smartsheet from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. BMO Capital Markets reiterated a "market perform" rating and issued a $56.50 price objective (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Canaccord Genuity Group cut Smartsheet from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 25th. Finally, William Blair reaffirmed a "market perform" rating on shares of Smartsheet in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Smartsheet currently has a consensus rating of "Hold" and an average price target of $55.82.

Insider Buying and Selling

In other news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the transaction, the chief executive officer now owns 588,762 shares in the company, valued at approximately $30,486,096.36. This trade represents a 3.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, the chief operating officer now owns 64,215 shares in the company, valued at $3,403,395. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,194 shares of company stock valued at $2,248,098. 4.52% of the stock is currently owned by insiders.

Smartsheet Price Performance

Smartsheet stock traded down $0.04 during trading on Friday, reaching $56.08. 1,153,007 shares of the company were exchanged, compared to its average volume of 2,199,617. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55. The stock's 50 day simple moving average is $55.92 and its two-hundred day simple moving average is $49.42. The company has a market capitalization of $7.79 billion, a P/E ratio of -180.93 and a beta of 0.71.

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

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