Scalar Gauge Management LLC Purchases 10,000 Shares of Smartsheet Inc (NYSE:SMAR)

Scalar Gauge Management LLC lifted its position in shares of Smartsheet Inc (NYSE:SMAR) by 18.2% during the third quarter, Holdings Channel.com reports. The firm owned 65,000 shares of the company’s stock after buying an additional 10,000 shares during the quarter. Smartsheet accounts for 1.9% of Scalar Gauge Management LLC’s portfolio, making the stock its 14th biggest holding. Scalar Gauge Management LLC’s holdings in Smartsheet were worth $3,598,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SMAR. Brooklyn Investment Group acquired a new stake in Smartsheet in the 3rd quarter worth about $28,000. Raleigh Capital Management Inc. acquired a new stake in shares of Smartsheet in the third quarter valued at approximately $31,000. International Assets Investment Management LLC bought a new stake in shares of Smartsheet in the second quarter valued at approximately $25,000. Waldron Private Wealth LLC bought a new stake in shares of Smartsheet in the third quarter valued at approximately $33,000. Finally, Versant Capital Management Inc acquired a new stake in Smartsheet during the second quarter worth approximately $31,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Smartsheet Trading Down 0.1 %

Smartsheet stock opened at $55.95 on Friday. The company has a market capitalization of $7.77 billion, a PE ratio of -180.48 and a beta of 0.74. The stock has a 50-day moving average price of $55.80 and a two-hundred day moving average price of $49.02. Smartsheet Inc has a 12 month low of $35.52 and a 12 month high of $56.55.

Smartsheet (NYSE:SMAR) last posted its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping 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 firm had revenue of $276.41 million for the quarter, compared to analyst estimates of $274.23 million. During the same period in the previous year, the firm posted ($0.23) EPS. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, analysts predict that Smartsheet Inc will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its board has initiated 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Wells Fargo & Company reiterated an “equal weight” rating and set a $57.00 target price on shares of Smartsheet in a research report on Tuesday, September 24th. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Morgan Stanley raised their target price on shares of Smartsheet from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Barclays boosted their target price on shares of Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Finally, Needham & Company LLC reiterated a “hold” rating and set a $57.00 price target on shares of Smartsheet in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Smartsheet currently has a consensus rating of “Hold” and an average target price of $55.82.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 3,205 shares of the business’s stock in a transaction that occurred 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 owns 18,695 shares in the company, valued at approximately $1,045,424.40. The trade was a 14.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Stephen Robert Branstetter sold 1,847 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $53.00, for a total transaction of $97,891.00. Following the sale, the chief operating officer now directly owns 64,215 shares in the company, valued at $3,403,395. This trade represents a 2.80 % 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 90 days. 4.52% of the stock is owned by 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.