Clarius Group LLC Sells 16,679 Shares of Smartsheet Inc (NYSE:SMAR)

Clarius Group LLC cut its stake in shares of Smartsheet Inc (NYSE:SMAR) by 10.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 144,212 shares of the company’s stock after selling 16,679 shares during the period. Smartsheet comprises approximately 0.6% of Clarius Group LLC’s holdings, making the stock its 27th largest position. Clarius Group LLC owned approximately 0.10% of Smartsheet worth $7,984,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of SMAR. Swedbank AB purchased a new stake in Smartsheet in the 1st quarter worth $38,388,000. Granahan Investment Management LLC grew its position in shares of Smartsheet by 908.1% during the fourth quarter. Granahan Investment Management LLC now owns 1,040,724 shares of the company’s stock worth $49,767,000 after purchasing an additional 937,483 shares in the last quarter. AQR Capital Management LLC raised its stake in Smartsheet by 188.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,349,639 shares of the company’s stock valued at $58,844,000 after purchasing an additional 881,004 shares during the period. Engaged Capital LLC purchased a new position in Smartsheet in the 2nd quarter worth approximately $29,600,000. Finally, Marshall Wace LLP raised its position in shares of Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after buying an additional 533,278 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on SMAR. Jefferies Financial Group reiterated a “hold” rating and set a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Needham & Company LLC reiterated a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. DA Davidson reaffirmed 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. William Blair restated a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Canaccord Genuity Group downgraded shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $55.82.

Smartsheet Stock Performance

Shares of SMAR stock opened at $55.56 on Friday. Smartsheet Inc has a one year low of $35.52 and a one year high of $55.63. The firm’s 50 day moving average price is $50.66 and its 200-day moving average price is $44.53.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.15. The firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. Smartsheet’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.23) EPS. On average, research analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its board has approved a stock repurchase plan on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Smartsheet news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the sale, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 sale, the insider now owns 17,100 shares in the company, valued at $823,878. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,734 shares of company stock valued at $2,065,058. 4.52% of the stock is owned by corporate insiders.

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.