Pallas Capital Advisors LLC Grows Stock Position in Smartsheet Inc (NYSE:SMAR)

Pallas Capital Advisors LLC increased its holdings in Smartsheet Inc (NYSE:SMAR) by 53.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 20,787 shares of the company’s stock after acquiring an additional 7,255 shares during the period. Pallas Capital Advisors LLC’s holdings in Smartsheet were worth $1,171,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SMAR. Sei Investments Co. grew its holdings in shares of Smartsheet by 20.3% during the 1st quarter. Sei Investments Co. now owns 147,306 shares of the company’s stock worth $5,671,000 after purchasing an additional 24,823 shares during the period. CWM LLC lifted its position in Smartsheet by 218.0% in the second quarter. CWM LLC now owns 19,869 shares of the company’s stock valued at $876,000 after buying an additional 13,621 shares during the last quarter. Capstone Investment Advisors LLC purchased a new position in Smartsheet during the first quarter worth about $1,512,000. AMI Asset Management Corp acquired a new stake in shares of Smartsheet during the first quarter valued at about $3,990,000. Finally, Vanguard Group Inc. raised its stake in shares of Smartsheet by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,809,208 shares of the company’s stock valued at $531,655,000 after acquiring an additional 225,390 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SMAR shares. Wolfe Research reaffirmed a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Royal Bank of Canada restated a “sector perform” rating and set a $56.50 price target on shares of Smartsheet in a research 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. Jefferies Financial Group restated a “hold” rating and set a $56.50 target price (down from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Guggenheim boosted their price target on shares of Smartsheet from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $55.82.

Smartsheet Trading Up 0.0 %

Shares of SMAR stock opened at $56.40 on Wednesday. The company has a market cap of $7.84 billion, a P/E ratio of -90.97 and a beta of 0.75. The firm has a fifty day moving average price of $53.14 and a 200 day moving average price of $46.30. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data 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. 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 in the prior year, the firm posted ($0.23) EPS. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, equities analysts forecast that Smartsheet Inc will post -0.05 EPS 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 an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Mark Patrick Mader sold 20,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were 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 represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Smartsheet news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total transaction of $180,241.38. Following the transaction, the insider now owns 17,100 shares of the company’s stock, valued at $823,878. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total value of $1,035,600.00. Following the completion of the sale, the chief executive officer now owns 588,762 shares of the company’s stock, valued at approximately $30,486,096.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 37,730 shares of company stock valued at $1,968,866. 4.52% of the stock is owned by corporate insiders.

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.