WCM Investment Management LLC Reduces Position in Smartsheet Inc (NYSE:SMAR)

WCM Investment Management LLC reduced its stake in Smartsheet Inc (NYSE:SMAR - Free Report) by 33.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 282,516 shares of the company's stock after selling 141,350 shares during the period. WCM Investment Management LLC owned approximately 0.20% of Smartsheet worth $15,634,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. US Bancorp DE increased its stake in Smartsheet by 12.9% during the third 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. lifted its stake in shares of Smartsheet by 37.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 894 shares of the company's stock worth $39,000 after acquiring an additional 244 shares during the period. Principal Financial Group Inc. boosted its stake 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 purchasing an additional 266 shares in the last quarter. Atria Investments Inc grew its holdings in Smartsheet by 3.1% during the third 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 period. Finally, Amalgamated Bank grew its stake in shares of Smartsheet by 3.5% in the 2nd quarter. Amalgamated Bank now owns 8,678 shares of the company's stock worth $383,000 after purchasing an additional 294 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Smartsheet Price Performance

SMAR stock traded down $0.08 during midday trading on Tuesday, reaching $55.82. 4,057,987 shares of the company were exchanged, compared to its average volume of 2,198,936. The firm has a market capitalization of $7.76 billion, a price-to-earnings ratio of -180.35 and a beta of 0.74. The business has a 50-day moving average price of $54.38 and a two-hundred day moving average price of $47.48. Smartsheet Inc has a one year low of $35.52 and a one year high of $56.55.

Smartsheet (NYSE:SMAR - Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $276.41 million during the quarter, compared to analysts' expectations of $274.23 million. During the same period last year, the firm posted ($0.23) EPS. The firm's revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, analysts anticipate that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its Board of Directors has initiated a stock buyback plan on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SMAR shares. Guggenheim lowered shares of Smartsheet from a "buy" rating to a "neutral" rating in a research report on Monday. Morgan Stanley raised their price objective on Smartsheet from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. BMO Capital Markets reaffirmed a "market perform" rating and set a $56.50 price target (down from $59.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Wells Fargo & Company reissued an "equal weight" rating and set a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Wolfe Research reaffirmed a "peer 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 given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $55.82.

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 stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the transaction, the insider now owns 17,100 shares of the company's stock, valued at approximately $823,878. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Mark Patrick Mader sold 5,000 shares of the business's stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $56.05, for a total value of $280,250.00. Following the transaction, the chief executive officer now owns 578,762 shares in the company, valued at approximately $32,439,610.10. The trade was 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 3,741 shares of the business's stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $48.18, for a total transaction of $180,241.38. Following the completion of the transaction, the insider now owns 17,100 shares in the company, valued at approximately $823,878. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,730 shares of company stock worth $2,249,116 in the last 90 days. 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.