ArrowMark Colorado Holdings LLC Has $213.40 Million Stock Holdings in Smartsheet Inc (NYSE:SMAR)

ArrowMark Colorado Holdings LLC lowered its holdings in Smartsheet Inc (NYSE:SMAR) by 15.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,854,689 shares of the company’s stock after selling 680,021 shares during the quarter. Smartsheet accounts for about 2.7% of ArrowMark Colorado Holdings LLC’s investment portfolio, making the stock its 2nd biggest holding. ArrowMark Colorado Holdings LLC owned 2.77% of Smartsheet worth $213,396,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Atom Investors LP bought a new position in shares of Smartsheet in the 3rd quarter worth approximately $375,000. Bardin Hill Management Partners LP bought a new position in Smartsheet in the 3rd quarter worth $6,903,000. True Wealth Design LLC bought a new position in shares of Smartsheet in the third quarter worth about $41,000. Scalar Gauge Management LLC grew its holdings in Smartsheet by 18.2% during the 3rd quarter. Scalar Gauge Management LLC now owns 65,000 shares of the company’s stock valued at $3,598,000 after buying an additional 10,000 shares in the last quarter. Finally, Westchester Capital Management LLC bought a new stake in Smartsheet in the 3rd quarter valued at $24,772,000. Institutional investors own 90.01% of the company’s stock.

Smartsheet Trading Down 0.1 %

Shares of SMAR opened at $55.95 on Monday. The firm has a market cap of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74. The company’s 50-day moving average price is $55.80 and its 200 day moving average price is $49.13. Smartsheet Inc has a 12-month low of $35.52 and a 12-month high of $56.55.

Smartsheet (NYSE:SMAR) last released its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $274.23 million. During the same period last year, the business posted ($0.23) earnings per share. Smartsheet’s revenue was up 17.3% compared to the same quarter last year. Equities research analysts forecast that Smartsheet Inc will post -0.05 earnings per share for the current year.

Smartsheet announced that its Board of Directors has approved a stock repurchase program on Thursday, September 5th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Smartsheet news, insider Jolene Lau Marshall sold 3,205 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the transaction, the insider now directly owns 18,695 shares of the company’s stock, valued at approximately $1,045,424.40. The trade was a 14.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of Smartsheet stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 588,762 shares in the company, valued at approximately $30,486,096.36. The trade was a 3.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,194 shares of company stock valued at $2,248,098 over the last quarter. Company insiders own 4.52% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on SMAR. Guggenheim downgraded Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. BMO Capital Markets restated a “market perform” rating and set a $56.50 target price (down previously from $59.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Truist Financial reaffirmed a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a research note on Wednesday, September 25th. Wolfe Research reiterated a “peer perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Finally, Needham & Company LLC reissued a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a report on Tuesday, September 24th. One equities research 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. Based on data from MarketBeat.com, Smartsheet currently 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.