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

Pallas Capital Advisors LLC raised its stake in shares of Smartsheet Inc (NYSE:SMAR) by 53.6% in the 3rd quarter, Holdings Channel reports. The fund owned 20,787 shares of the company’s stock after acquiring an additional 7,255 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Smartsheet were worth $1,171,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new stake in shares of Smartsheet during the second quarter worth approximately $25,000. Versant Capital Management Inc purchased a new position in Smartsheet during the 2nd quarter worth $31,000. Raleigh Capital Management Inc. purchased a new position in Smartsheet during the 3rd quarter worth $31,000. Waldron Private Wealth LLC acquired a new stake in shares of Smartsheet in the 3rd quarter worth $33,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of Smartsheet in the first quarter valued at about $35,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Jolene Lau Marshall sold 3,741 shares of Smartsheet stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $48.18, for a total value of $180,241.38. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet 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 owns 588,762 shares in the company, valued at approximately $30,486,096.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jolene Lau Marshall sold 3,741 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 17,100 shares of the company’s stock, valued at approximately $823,878. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,730 shares of company stock valued at $1,968,866 in the last quarter. 4.52% of the stock is currently owned by company insiders.

Smartsheet Trading Up 0.0 %

Smartsheet stock opened at $56.40 on Wednesday. The stock has a market cap of $7.84 billion, a PE ratio of -90.97 and a beta of 0.75. The stock has a 50-day moving average price of $53.14 and a 200 day moving average price of $46.30. Smartsheet Inc has a 52 week low of $35.52 and a 52 week high of $56.55.

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

Smartsheet declared that its Board of Directors has approved a share buyback program on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SMAR shares. DA Davidson reissued a “neutral” rating and set a $56.50 price target (up from $55.00) on shares of Smartsheet in a report on Tuesday, September 24th. Citigroup reissued a “neutral” rating and set a $56.50 target price (down from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. Royal Bank of Canada restated a “sector perform” rating and issued a $56.50 price target on shares of Smartsheet in a research note on Thursday, October 24th. Jefferies Financial Group reiterated a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, UBS Group restated a “neutral” rating and set a $56.50 target price (down from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. 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, the stock presently has a consensus rating of “Hold” and a consensus price target of $55.82.

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.