TimesSquare Capital Management LLC Sells 215,653 Shares of Smartsheet Inc (NYSE:SMAR)

TimesSquare Capital Management LLC reduced its position in Smartsheet Inc (NYSE:SMAR - Free Report) by 10.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,881,211 shares of the company's stock after selling 215,653 shares during the period. Smartsheet comprises approximately 1.6% of TimesSquare Capital Management LLC's holdings, making the stock its 11th biggest holding. TimesSquare Capital Management LLC owned 1.35% of Smartsheet worth $104,144,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Swedbank AB purchased a new stake in Smartsheet during the 1st quarter worth $38,388,000. AQR Capital Management LLC boosted its position in Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company's stock worth $58,844,000 after purchasing an additional 881,004 shares during the period. Engaged Capital LLC purchased a new stake in Smartsheet during the 2nd quarter worth $29,600,000. 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 worth $80,931,000 after purchasing an additional 533,278 shares during the period. Finally, Panagora Asset Management Inc. purchased a new stake in Smartsheet during the 2nd quarter worth $21,254,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of the business's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the sale, 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 filing with the SEC, which is available through this link. In other news, insider Jolene Lau Marshall sold 3,741 shares of the business's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the transaction, the insider now directly owns 17,100 shares in the company, valued at $823,878. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Mark Patrick Mader sold 20,000 shares of the firm's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the transaction, the chief executive officer now directly owns 588,762 shares of the company's stock, valued at $30,486,096.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,730 shares of company stock valued at $2,249,116 in the last three months. 4.52% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on SMAR shares. Royal Bank of Canada reiterated a "sector perform" rating and issued a $56.50 price objective on shares of Smartsheet in a report on Thursday, October 24th. DA Davidson reiterated a "neutral" rating and issued a $56.50 price objective (up previously from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. UBS Group reiterated a "neutral" rating and issued a $56.50 price objective (down previously from $61.00) on shares of Smartsheet in a report on Thursday, September 26th. Canaccord Genuity Group reiterated a "hold" rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Guggenheim upped their target price on shares of Smartsheet from $60.00 to $62.00 and gave the company a "buy" rating in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, Smartsheet has an average rating of "Hold" and a consensus price target of $55.82.

Smartsheet Trading Up 0.1 %

Shares of SMAR stock traded up $0.06 on Friday, hitting $56.02. The stock had a trading volume of 1,215,355 shares, compared to its average volume of 3,207,541. Smartsheet Inc has a twelve month low of $35.52 and a twelve month high of $56.55. The firm has a market cap of $7.78 billion, a P/E ratio of -180.71 and a beta of 0.74. The company has a fifty day moving average price of $54.24 and a two-hundred day moving average price of $47.29.

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, beating the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million during 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 firm's revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.23) EPS. On average, analysts expect that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has authorized a share repurchase plan on Thursday, September 5th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management 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.