Qsemble Capital Management LP Has $871,000 Holdings in Smartsheet Inc (NYSE:SMAR)

Qsemble Capital Management LP trimmed its position in Smartsheet Inc (NYSE:SMAR) by 26.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,727 shares of the company’s stock after selling 5,582 shares during the quarter. Qsemble Capital Management LP’s holdings in Smartsheet were worth $871,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Raleigh Capital Management Inc. purchased a new stake in shares of Smartsheet in the 3rd quarter valued at approximately $31,000. International Assets Investment Management LLC purchased a new position in Smartsheet in the second quarter valued at about $25,000. Waldron Private Wealth LLC acquired a new position in Smartsheet in the 3rd quarter worth about $33,000. Versant Capital Management Inc purchased a new stake in shares of Smartsheet during the 2nd quarter worth about $31,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Smartsheet by 123.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 721 shares of the company’s stock valued at $40,000 after buying an additional 398 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Smartsheet

In other news, CEO Mark Patrick Mader sold 5,000 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $56.05, for a total value of $280,250.00. Following the completion of the transaction, the chief executive officer now directly owns 578,762 shares of the company’s stock, valued at approximately $32,439,610.10. This represents a 0.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jolene Lau Marshall sold 3,571 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the sale, the insider now directly owns 13,529 shares in the company, valued at approximately $684,432.11. This represents a 20.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,194 shares of company stock worth $2,248,098. 4.52% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Guggenheim downgraded Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Needham & Company LLC restated a “hold” rating and set a $57.00 target price on shares of Smartsheet in a report on Tuesday, September 24th. DA Davidson reiterated a “neutral” rating and set a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Smartsheet presently has a consensus rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Performance

NYSE SMAR opened at $55.98 on Wednesday. The company’s fifty day moving average is $55.51 and its two-hundred day moving average is $48.81. Smartsheet Inc has a 52-week low of $35.52 and a 52-week high of $56.55.

Smartsheet (NYSE:SMAR) last issued 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. 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 analyst estimates of $274.23 million. During the same period in the previous year, the company posted ($0.23) earnings per share. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. Research analysts predict that Smartsheet Inc will post -0.05 EPS for the current year.

Smartsheet announced that its board has authorized a stock buyback program on Thursday, September 5th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board 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.