Maverick Capital Ltd. Trims Stake in Smartsheet Inc (NYSE:SMAR)

Maverick Capital Ltd. trimmed its stake in Smartsheet Inc (NYSE:SMAR) by 9.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,265 shares of the company’s stock after selling 4,006 shares during the period. Maverick Capital Ltd.’s holdings in Smartsheet were worth $2,063,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC raised its holdings in shares of 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 buying an additional 881,004 shares in the last quarter. Citigroup Inc. grew its position in Smartsheet by 2,767.1% during the third quarter. Citigroup Inc. now owns 823,501 shares of the company’s stock valued at $45,589,000 after acquiring an additional 794,779 shares during the last quarter. Engaged Capital LLC purchased a new position in shares of Smartsheet during the second quarter worth approximately $29,600,000. Marshall Wace LLP lifted its holdings in shares of Smartsheet by 40.9% in the 2nd quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock worth $80,931,000 after acquiring an additional 533,278 shares during the last quarter. Finally, Alpine Associates Management Inc. bought a new stake in shares of Smartsheet in the 3rd quarter worth approximately $28,029,000. Institutional investors own 90.01% of the company’s stock.

Insider Activity

In other news, COO Stephen Robert Branstetter sold 1,847 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $53.00, for a total value of $97,891.00. Following the sale, the chief operating officer now directly owns 64,215 shares of the company’s stock, valued at $3,403,395. The trade was a 2.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jolene Lau Marshall sold 3,205 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $55.92, for a total value of $179,223.60. Following the completion of the sale, the insider now owns 18,695 shares in the company, valued at $1,045,424.40. The trade was a 14.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,194 shares of company stock worth $2,248,098. Corporate insiders own 4.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a research report on Wednesday, September 25th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $57.00 price objective on shares of Smartsheet in a research note on Tuesday, September 24th. William Blair reissued a “market perform” rating on shares of Smartsheet in a research note on Wednesday, September 25th. Needham & Company LLC restated a “hold” rating and set a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. Finally, Barclays lifted their price target on Smartsheet from $50.00 to $56.50 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $55.82.

Smartsheet Price Performance

SMAR stock opened at $55.95 on Friday. Smartsheet Inc has a 1 year low of $35.52 and a 1 year high of $56.55. The firm has a 50-day moving average of $55.80 and a 200 day moving average of $49.07.

Smartsheet (NYSE:SMAR) last released its earnings results on Thursday, September 5th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.23) EPS. On average, sell-side analysts expect that Smartsheet Inc will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its Board of Directors has initiated a share 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Smartsheet Company 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.